Fidelity Institutional is the division of Fidelity Investments that provides clearing, custody and investment management products to registered investment advisers (RIAs) and broker/dealers. Moving forward, Fidelity says the clearing and custody units will be unified under a single leader—Sanjiv Mirchandani, appointed president of Fidelity Clearing and Custody.
“Combining our clearing and custody organizations into one unit under a single leader helps us deliver the best solutions for our clients and is the next logical step in the process that we started several years ago,” suggests Gerard McGraw, president of Fidelity Institutional.
In conjunction with that change, Fidelity also announced the creation of a new organization, Fidelity Wealth Technologies, a group that will drive and deliver digital solutions across the Fidelity enterprise and throughout the financial advice industry. Michael Durbin becomes president of the new Fidelity Wealth Technologies group.
Mirchandani is currently the president of Fidelity’s National Financial, while Durbin is currently president of Fidelity Institutional Wealth Services. Fidelity says the creation of the new leadership roles is part of a long-term strategy to recognize the growing, emerging and converging business models in the financial advice industry—and to organize the clearing and custody units to better serve clients.
In the last five years, Fidelity has aligned several core functions across the clearing and custody businesses, including the client experience team, the product group and the platform technology team. In July 2013, the business was further realigned around several core client segments: banks and broker/dealers are served under National Financial and RIAs and recordkeepers are served under Fidelity Institutional Wealth Services.
Mirchandani will continue to report to McGraw, and Durbin will report to Michael Wilens, president of Fidelity Enterprise Services.