Fidelity Investments on November 19 named Michael Durbin as president of its RIA custody unit--Fidelity Institutional Wealth Services--succeeding Jack Callahan, who "was asked to assume a new position" within Fidelity Personal and Workplace Investing, according to Fidelity spokesman Steve Austin. Durbin spent 18 years with Morgan Stanley, most recently as COO of the National Sales Division of Morgan Stanley's Global Wealth Management Group. In his new position he will report to Michael Clark, president of Fidelity Institutional Products Group, who was hired away from JPMorgan last October.
Serving as interim head of Fidelity Institutional Wealth Services (formerly known as FRIAG) until Durbin assumes his new position in early 2008 is Scott Dell'Orfano, executive VP at the RIA unit and a former SEI Investments executive.
Since Callahan was named president of FRIAG in October 2006, succeeding Bill Carey, the custodial arm not only changed its name but as of September 30, 2008, increased its assets under custody from 3,500 affiliated RIAs by more than 90%, Fidelity said, to $335 billion, posted a 45% increase in investor accounts on behalf of its clients, to 900,000, and boasts a 135% increase in average daily commissionable trades to 21,700.
Austin pointed out that in his new position, Callahan would join a unit that includes Fidelity Institutional Retirement Services Co., which he formerly served as president.