MutualFundWire.com: Fido's Restructuring Continues
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Wednesday, August 16, 2000

Fido's Restructuring Continues


Personnel moves are continuing at Fidelity Investments. The Boston Behemoth named a new president of its Fidelity Institutional Retirement Services Company (FIRSCo) to replace Peter Smail. Smail had been promoted as part of a management restructuring that moved Bob Reynolds to the companies chief operating officer slot.

The new president of FIRSCo is Joseph LoRusso, a 17-year veteran of the retirement and investment business. He will report to Smail.

LoRusso had been executive vice president of FIRSCo's Large Plan Services group. In that position, he was responsible for sales and relationship management, client services and operations, and participant communications and education. He had also been vice president of products and services in the FIRSCo's marketing department and had served as manager of the Large Plan Services Accounts Sales Group.

Taking over LuRusso's duties in the Large Plan Services Group is David Liebrock. A nine-year Fidelity veteran, Liebrock, was most recently executive vice president of Fidelity Management Trust Company and president of Fidelity Group Pensions International in London from 1998 to 2000. He was also president of Fidelity Investments Public Sector Services Company from 1995 to 1998.

The company also announced a number of other personnel moves that appear to be aimed at bolstering the firm's employer services area.

"We are seeing strong interest among many corporations for services to support these benefit programs on an outsourced basis," Smail said. "In fact, we see about double the amount of interest today for these services from new business prospects compared with just a year ago. In the future, more and more companies will see the value of turning to one provider for the integration and servicing of multiple benefit programs."

The new appoints include:

  • Surinder Singh is now executive vice president of the Health & Welfare Practice, a division of Fidelity Employer Services. Singh is a six-year veteran of Fidelity's 401(k) business and previously headed the customer support services unit. He joined Fidelity Institutional Retirement Services in 1994 as senior vice president in the client services division. Prior to joining Fidelity, Singh spent 25 years at Citibank, Chase and Bankers Trust Company.

  • Dan Holmes, who previously ran the Health & Welfare Practice, will lead a new initiative called Health & Welfare Consulting Services within Fidelity Employer Services. He will continue to expand Fidelity's consulting services business, which can be offered on a stand-alone basis or coupled with Fidelity's health and welfare administration services. Prior to joining Fidelity in 1997, he spent more than 13 years with Watson Wyatt, most recently as a managing consultant and member of the Board of Directors.

  • Brian Cooke will continue as executive vice president of the Defined Benefit Practice, a division of Fidelity Employer Services that currently provides recordkeeping and administrative services to 30 companies and over 700,000 employees in traditional defined benefit pension plans. Prior to his current position, Cooke - a 13-year Fidelity employee - served as vice president of implementation and relationship management for the Large Plan Services 401(k) business.

  • Clare Richer, a 17-year Fidelity veteran, will continue as executive vice president of the Human Resources/Payroll Practice, a division of Fidelity Employer Services that provides payroll and human resources services to nearly a dozen corporations. Previously, she managed the Core Market Services business segment for Fidelity Institutional Retirement Services.

  • John McQuade will continue to run Fidelity's actuarial and consulting services. With more than 25 years of experience in the actuarial field, McQuade joined Fidelity in 1997 after his firm, McQuade Incorporated, was acquired by Fidelity and renamed Fidelity Investments Actuarial and Consulting Services. McQuade was also a managing director at William M. Mercer, Inc. where he served on the firm's national Defined Benefit Practice Group.


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