The top job at Fidelity Investments Institutional Services is about to open up. Peter Cieszko, president of FIIS, is leaving at the end of January after two years with Fidelity, company spokesperson Vin Loporchio confirmed to The MFWire.com.

Peter Cieszko FIIS President

FIIS is the unit that distributes Fidelity's mutual funds and 401(k) offerings through intermediaries.

Cieszko is leaving to "pursue opportunities outside the organization," Loporchio said. Fidelity is looking for a replacement.

News of Cieszko's upcoming departure was first reported by Pensions & Investments' Douglas Appell.

Scott Couto, EVP and head of investment product management, marketing and investor consulting services for FIIS, will be named interim head, according to Loporchio.

Cieszko's boss, Fidelity Institutional president Gerard McGraw will lead a search for a permanent replacement, Loporchio said.

Cieszko joined Fidelity in January 2009. He previously ran global distribution at Evergreen Investments (now part of Wells Fargo) and before that, he was in a similar role at Legg Mason, which he joined as part of the company's asset swap with Citigroup. Earlier in his career, he was a top executive in Citi's Smith Barney unit, where he played a key role in the wirehouse's separately managed account efforts.  

Edited by: Armie Margaret Lee


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