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Wednesday, December 05, 2007

Fido Names Shared Services President

News summary by MFWire's editors

Fidelity has appointed Marvin Adams, currently Citigroup's chief information officer, as president of Fidelity Shared Services. That group will include 12,000 employees comprising Fidelity Technology Group, Fidelity Enterprise Operations and Fidelity Real Estate Company.

Fidelity Investments today named Marvin Adams, chief information officer at Citigroup, Inc., as president of Fidelity Shared Services, comprising Fidelity Technology Group, Fidelity Enterprise Operations and Fidelity Real Estate Company.

As CIO at Citigroup, Adams, 50, was responsible for the global focus and leadership of Citigroup’s worldwide corporate technology infrastructure and systems. He led the CIO Council with responsibility for the enterprise-wide direction of information technology, and was a member of the Citigroup Management Committee. Prior to joining Citigroup, Adams was senior vice president of Corporate Strategy and Chief Information Officer at Ford Motor Company.

“Marvin Adams is a leader who has wide-ranging experience in technology and operations both within and outside of financial services,” said Fidelity President Rodger A. Lawson, to whom Adams will report. “As our business relies more and more upon robust technology solutions coupled with efficient operations, Marv’s background suits him ideally to help us take the greatest possible advantage of our market-leading capabilities in these areas.“

Prior to joining Ford in 2000, Adams was executive vice president and Chief Information Officer at the then-Bank One Corporation, where he was responsible for both information technology and operations, reporting to the bank president.

From 1991 to 1994, Adams headed Worldwide Engineering Systems for Xerox Corporation. He began his career at IBM Corporation, where he held a variety of positions in Hardware and Systems Engineering.

Adams’ organization will include about 12,000 employees comprising Fidelity Technology Group, led by President Steven E. Elterich; Fidelity Enterprise Operations, headed by President Raymond J. Marcinowski; and Fidelity Real Estate Company, under President Sarah K. Abrams.

Fidelity Technology Group oversees internal and customer-facing technology by developing and maintaining an array of customer and client Web sites, managing the technology infrastructure and supporting firm-wide applications. Fidelity Enterprise Operations comprises Fidelity Pricing & Cash Management Services, Enterprise Processing Services, Fidelity Supply Management, FMR India, India Shared Services and Business Solutions and Support. Fidelity Real Estate Company is responsible for providing a full range of corporate real estate planning and services to Fidelity’s business units both nationally and internationally.

About Fidelity Investments

Fidelity Investments is one of the world’s largest providers of financial services, with custodied assets of more than $3.4 trillion, including managed assets of $1.6 trillion as of October 31, 2007. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 24 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.  

Edited by: Erin Kello

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