Fidelity Investments has named Michael Clark, former CEO of JPMorgan's $15 trillion Worldwide Securities Services business, to head its institutional services business. It was announced October 4 that Clark, 50, will report to Fidelity Investments president Rodger 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.