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HomeMarketDurbin Leaves Post as Head of Fidelity Institutional Amid Company Realignment

Durbin Leaves Post as Head of Fidelity Institutional Amid Company Realignment

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Fidelity has named a new head of its institutional division amid an internal reorganization that is moving the company’s clearing and custody business out of that unit and into the one housing its brokerage operations. 

Fidelity Institutional is now centered around institutional investment management, while advisor services and technology are now housed in Fidelity’s fund and brokerage operations and technology division.


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Vadim Zlotnikov will head the reconstituted Fidelity Institutional, replacing Mike Durbin, who will transition to a role as a senior advisor to Fidelity CEO Abigail Johnson, according to a company spokeswoman.

“To strengthen our commitment to wealth management and institutional clients of all sizes, we realigned the Fidelity Institutional business to bring dedicated focus to our clients’ evolving and growing needs in two key areas: institutional investment management solutions, and advisor services and technology,” the spokeswoman said in an email. 

Fidelity Institutional is now centered around institutional investment management, while advisor services and technology are now housed in Fidelity’s fund and brokerage operations and technology division, which is led by Ron DePoalo.

“We are aligning Fidelity’s clearing and custody sales, relationship management, service and operations teams with our brokerage operations and technology team,” the spokeswoman said. “Bringing these teams together under the same umbrella allows for greater technology innovation and speed to market in an industry where clients value scale, digital technologies, and differentiated service.” 

Durbin has led Fidelity Institutional since October 2017, and previously headed the company’s wealth technologies unit. He joined Fidelity in 2009 after nearly two decades with

Morgan Stanley
.
 

The spokeswoman noted that Fidelity has a long history of rotating leaders through different roles “as a way to infuse fresh perspectives into other parts of the company.”

Zlotnikov moves to the institutional division after nearly three years as president of Fidelity Asset Management Solutions. He joined Fidelity in 2018 after a decadelong stint with AllianceBernstein.

“Fidelity Institutional has a reshaped strategic focus as a fully integrated, open architecture investment management distribution business that delivers investment-led solutions, capabilities, and insights to the intermediary and institutional markets,” the spokeswoman said.

Write to advisor.editors@barrons.com

Credit: marketwatch.com

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