Fidelity Names Durbin President of Wealth Services

Fidelity Investments today named Michael Durbin as president of Fidelity Institutional Wealth Services, provider of trading, custody, and brokerage services to registered investment advisers (RIAs).

Durbin succeeds John “Jack’ Callahan, who has taken a new senior position with Fidelity Personal and Workplace Investing, according to a press release.

Durbin joins Fidelity after 18 years with Morgan Stanley, most recently as COO of the National Sales Division of its Global Wealth Management Group. In this role, he was responsible for marketing, business development, field sales, infrastructure prioritization, and investment strategy for Morgan Stanley’s 8,000 financial advisers across the U.S.

Durbin will assume his new position in early 2009 and report to Michael Clark, president of Fidelity Institutional Products Group. In addition to providing services to RIAs, Fidelity Institutional Wealth Services also provides services to trust institutions and third-party administrators with assets over $335 billion.

“Mike will lead a talented management team that will continue its focus on delivering advisers the industry-leading technology, product and service solutions they need to position themselves for long-term success,’ Clark said.

Prior to his current role, Durbin held numerous senior leadership positions over 18 years with Morgan Stanley. He was head of Capital Markets in the company’s Global Wealth Management Group, head of International Private Wealth Management, and chief strategic and risk officer for the Global Individual Investor Group. Durbin joined the firm in investment banking, where he oversaw the origination, structuring, and marketing of packaged investments for private client distribution.