Fidelity Investments says Michael Durbin is now president of the firm’s clearing, custody, trading and related businesses that serve RIAs, broker-dealers and other financial organizations. As the new leader of Fidelity Institutional, Durbin will report to Chair and CEO Abigail P. Johnson.
The executive, who takes the reins from Jeffrey Lagarce — a longtime Fidelity executive who is taking on a role as a senior advisor — also will join the Fidelity Operating Committee. Earlier, Durbin led Fidelity Institutional's product and platform technology group, which acquired eMoney Advisor in 2015.
“Mike has been a leader in helping to drive the evolution of the wealth management industry,” said Johnson, in a statement. “His client focus will help to promote the continued growth of Fidelity Institutional, which is an important part of Fidelity’s portfolio of businesses.”
Fidelity Institutional administers some $2.3 trillion across three groups: Fidelity Clearing & Custody Solutions, led by Sanjiv Mirchandani; Fidelity Institutional Asset Management, headed by Judy Marlinski; and Fidelity Capital Markets, which is directed by Tom Tesauro and serves asset managers, hedge funds and similar clients.
Durbin, 49, joined Fidelity in 2009 and led its RIA custody unit through 2015. That year, the firm combined its clearing business, National Financial, and its custody business, Fidelity Institutional Wealth Services, into one unit, Fidelity Clearing & Custody Solutions. It added Fidelity Family Office Services to this group in 2017.
The Fidelity Institutional Wealth Services operations doubled its assets under administration under Durbin's leadership, the firm says.
“No other company can bring to bear the portfolio of solutions that Fidelity Institutional has to offer … [and that brings a] totally personalized experience for home offices, advisors and investors,” said Durbin, in a statement. “It’s a privilege to be able to serve as ‘chief advocate’ to our clients in order to ensure that we continue to meet their evolving spectrum of needs.”
Lagarce has worked overseas in Europe for Fidelity International Ltd. and led Fidelity Institutional Asset Management. He joined the firm in 1996.
“Jeff has been one of our most successful and impactful leaders,” said Johnson. “He has accomplished the goals we set out for him to tackle when he became head of FI, and I will continue to rely on him as a senior advisor.”
--- Check out Fidelity Clearing to Partner With Goldman, US Bank; Expand Loans to Wealth Clients on ThinkAdvisor.