Michael R. Durbin was named president of Fidelity Institutional, the division of Fidelity that provides clearing, custody, trading services, technology and investment management products and solutions to financial intermediaries and institutions.
Mr. Durbin, who was previously head of Fidelity Institutional's product and platform technology group, succeeds Jeffrey P. Lagarce, a long-tenured Fidelity executive who will be transitioning to a senior adviser role.
Mr. Durbin will report to Abigail P. Johnson, chairman and CEO of Fidelity, and join the Fidelity operating committee.
Prior to his role as the head of the product and platform technology group for Fidelity Institutional, Mr. Durbin oversaw Fidelity's successful acquisition of eMoney Advisor. Durbin joined Fidelity in 2009 and from then until 2015 led its RIA custody unit.
Fidelity Institutional administers more than $2.3 trillion in assets across three distinct business groups:
- Fidelity Clearing & Custody Solutions, led by Sanjiv Mirchandani, which is the largest clearing and custody provider in the country, serving registered investment advisors, broker-dealers, banks and family offices.
- Fidelity Institutional Asset Management, led by Judy Marlinski, which is the distribution organization dedicated to offering Fidelity products and solutions through intermediaries and institutions to end investors and other entities.
- Fidelity Capital Markets, led by Tom Tesauro, which is the institutional trading arm of Fidelity, and offers prime brokerage services and trading solutions to a wide array of clients, including asset managers and hedge funds.