Fidelity Investments announced June 21 that it has named William C. Carey as president of Fidelity Registered Investment Advisor Group (FRIAG), the second-biggest provider of custody and brokerage services to independent advisors. The position had been held on an interim basis by Jim MacGilvray since January 2005, when former FRIAG president Jay Lanigan was let go. Carey, 44, will assume his new position on July 18, a Fidelity spokesman said, and will report to Ellyn McColgan, president of Fidelity Brokerage Company.
Carey, a former Aetna executive, has been with Fidelity for 12 years, and serves now as president of Fidelity Institutional Retirement Services Company (FIRSCo), which Fidelity calls the nation's largest provider of 401(k) plans, serving more than 11 million participants in more than 13,000 corporate and tax-exempt organizations through 401(k), 403(b), 457, and 401(a) retirement plans.
As of May 31, the FRIAG unit custodied more than $133 billion in assets for its 2,750 affiliated advisors.
McColgan in particular has been forthright about Fidelity's need to compete more aggressively in the advisor channel with market leader Charles Schwab Institutional, which as of the end of the first quarter counted $352 billion in client assets from some 5,000 advisors.