Former Fidelity Exec Mike Durbin to Lead Cetera Holdings
The industry veteran will work with Cetera Financial Group CEO Adam Antoniades, who leads its 8,000 financial professionals.
Cetera Financial Group’s holding company has appointed Mike Durbin, who most recently was head of Fidelity Institutional, to the new role of Cetera Holdings CEO and as a board member, the firm said Wednesday.
Adam Antoniades will continue to serve as Cetera Financial Group’s CEO and be on its board.
“Mike’s deep expertise and background in the RIA, retirement, and custody and clearing space, as well as his proven track record of leadership and innovation, will help Cetera further solidify its position as the ultimate destination for financial advisors and institutions,” Antoniades said in a statement.
Cetera Financial Group now has over 8,000 financial professionals who oversaw about $330 billion in assets under administration and $116 billion in assets under management as of March 31, it said.
‘Next Step’
Durbin’s new role and his post on the firm’s board of directors represent “a deliberate next step in Cetera’s evolution and positions Cetera for continued growth as a market leader and disruptor,” the company said in a news release.
The former Fidelity executive is “uniquely qualified to accelerate” Cetera’s strategy, which includes “introducing adjacent capabilities and channels and expanding Cetera’s addressable market,” according to the firm.
Durbin led Fidelity Institutional from October 2017 to November 2022, according to his LinkedIn profile. During his tenure, this business unit provided RIAs and other third-party advisors and institutions with custody and clearing services, as well as with third-party product and asset management services, for instance, Cetera said.
Earlier, Durbin was the leader of Fidelity Institutional Investment and Technology Solutions (2016-2017), president of Fidelity Wealth Technologies (2015-2016) and president of Fidelity Institutional Wealth Services (2009-2015).
Before joining Fidelity, he held various leadership positions at Morgan Stanley, which he joined in 1990 and stayed with through 2008. These roles included serving as chief operating officer of the National Sales Division of Global Wealth Management, head of International Private Wealth Management and chief strategic and risk officer for the Global Individual Investor Group.
(Pictured: Mike Durbin, CEO of Cetera Holdings)