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.