Fidelity is undergoing leadership changes in its clearing and custody business, with client growth head Rohit Mahna preparing to leave the company and two executives being promoted to take on his responsibilities, a spokesperson confirmed.
Mahna, head of client growth at Fidelity Institutional Wealth Management Services, "has decided to explore opportunities outside of Fidelity," the spokesperson said in an email Monday.
"Fidelity is adding two seasoned executives to the leadership team of Fidelity’s Institutional Wealth Management Services to assume Mahna’s duties: Marc Squires, Head of Clearing Sales and Relationship Management and Trevor Norton, Head of Custody Sales and Relationship Management," the statement reads.
"Marc and Trevor possess deep knowledge of the wealth management space. They bring a combined 50+ years of experience leading our strong relationship management and sales teams, offering a unique understanding of our clients’ needs. Fidelity remains committed to serving wealth managers across a wide range of business models and sizes and we continue to invest in the business."
Fidelity recruited Mahna from Salesforce nearly four years ago. His latest role in his 11 years there was Global Head Industry Advisors, according to his LinkedIn profile.
Squires has served as senior vice president, head of wealth and brokerage platforms segment, at Fidelity since April 2020, and has been with the giant asset manager for 28 years, his LinkedIn profile says.
Norton has been with Fidelity for nearly 15 years, most recently as head of RIA and family office since May 2023, according to his LinkedIn profile, which says he started as custody head this month. He will keep his RIA and family office responsibilities in his new position.
While Squires and Norton have commenced their new roles, Mahna is expected to stay at Fidelity until year end to help with the transition.
CityWire first reported on the executive leadership changes Friday.
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