Vadim Zlotnikov has been appointed head of Fidelity Institutional, succeeding Mike Durbin who is moving into a "senior advisor role" reporting to Abigail Johnson, chairman and chief executive officer of parent corporation, Fidelity Investments, according to an email from a company spokeswoman.
Mr. Durbin will remain "actively involved" with wealth management and institutional clients, the spokeswoman added.
The changes are part of a realignment of Fidelity's institutional business under which adviser services and technology will be moved to Fidelity's fund and brokerage operations and technology division, while Fidelity Institutional will focus solely on institutional investment management solutions.
The fund and brokerage operations and technology division will continue to be headed by Ron DePoalo.
Mr. Zlotnikov most recently served as president of Fidelity Asset Management Solutions. The spokeswoman noted that Bill Irving has been named head of Fidelity Asset Management Solutions and will also remain CIO of Fidelity's Global Asset Allocation team.
These moves are being made to strengthen Fidelity's "commitment to wealth management and institutional clients of all sizes," the spokeswoman noted.
For its focus on institutional investment management solutions, the spokeswoman explained that Fidelity Institutional has a "reshaped strategic focus as a fully integrated, open architecture investment management distribution business that delivers investment-led solutions, capabilities, and insights to the intermediary and institutional markets."