has named Michael Clark
as president of Fidelity Institutional Services
. Clark was formerly the chief executive officer of JPMorgan's $15 trillion Worldwide Securities Services business. The unit that Clark will be heading was created by last week's reorg, led by Fidelity's president Rodger Lawson.
The Boston Globe
, an memo from Lawson to Fidelity employees last week detailing the reorg also stated the company was close to naming a leader to head the Fidelity unit that deals with intermediaries. That's the job that Clark is filling.
In his new position, Clark will be responsible for National Financial, Capital Markets, Institutional Wealth Services, Fidelity Investments Institutional Services, all brokerage operations, and the risk and brokerage technology functions. Before Clark, the last person at Fidelity to be responsible for brokerage operations was Ellyn McColgan, who left the company in August.
Fidelity Investments today named Michael K. Clark, former chief executive officer in charge of JPMorgan's $15 trillion Worldwide Securities Services business, to head its institutional services business.
"Mike Clark is an industry leader who brought innovation and outstanding performance to JPMorgan's securities services business," said Fidelity Investments President Rodger A. Lawson. "Fidelity's strong presence with banks, broker-dealers, insurers, registered investment advisors and other intermediaries opens huge growth possibilities for us as we align the businesses that serve these clients under Mike's leadership. We are very committed to these markets and to building on our past successes in them."
Clark, 50, will join Fidelity reporting to Lawson as president of Fidelity Institutional Services. The organization comprises National Financial, Capital Markets, Institutional Wealth Services, Fidelity Investments Institutional Services, all brokerage operations, and the risk and brokerage technology functions.
Clark joined JPMorgan in 1994, and was made head of its Institutional Trust Services business in 2000. In January 2005, while retaining his Trust role, Clark assumed the leadership of JPMorgan'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.
Before joining JPMorgan, Clark held a number of 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.
About Fidelity Investments
Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of more than $3.2 trillion, including managed assets of $1.5 trillion, as of August 31, 2007. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 23 million individuals and institutions as well as through 5,500 financial intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.
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