Fidelity Appoints Head of Institutional Services Operation

Fidelity Investments named Michael K. Clark, former chief executive officer of JPMorgan’s securities services operation, to head its Institutional Services business.

As President of Fidelity Institutional Services, Clark will report to Rodger Lawson, President of Fidelity Investments, according to a news release.

The Institutional Services organization includes National Financial, Capital Markets, Institutional Wealth Services, Fidelity Investments Institutional Services, all brokerage operations, and the risk and brokerage technology functions.

Clark started at JPMorgan in 1994 and became head of its Institutional Trust Services business in 2000. In January 2005 he was appointed to lead the firm’s Investor Services business. The firm combined its investor and issuer capabilities under the name JPMorgan Worldwide Securities Services in April 2005, with Clark as CEO, according to the announcement.

Prior to JPMorgan, Clark held management and product development positions at Bankers Trust Company, where he developed servicing models and products for the retirement services, global custody, and institutional trust business lines.

“Fidelity’s strong presence with banks, broker-dealers, insurers, registered investment advisers and other intermediaries opens huge growth possibilities for us as we align the businesses that serve these clients under Mike’s leadership,” said Lawson, in the news release.