Fidelity Investments again has shaken up its institutional businesses, adding relationship management responsibilities for registered investment advisers to Scott Dell'Orfano's sales duties and expanding RIA product head Ron Fiske's empire to the firm's National Financial correspondent-clearing unit.
Mr. Dell'Orfano will continue to run sales at the institutional wealth services unit for registered investment advisers and assume the relationship management duties that had been handled by Joe Giordano. Mr. Giordano, who joined the RIA unit from JPMorgan Chase & Co.'s securities services businesses in July 2008, is “pursuing other opportunities inside and outside of Fidelity,” said Steve Austin, a company spokesman.
Mr. Giordano, who like Mr. Dell'Orfano is an executive vice president, didn't return a call seeking comment. One of his aides, senior vice president Michael MacWade, who was in charge of client services and operations, is also leaving the RIA unit, Mr. Austin said.
Mr. Fiske, executive vice president of product development for RIAs, will also run the area for National Financial Services LLC at a time when Fidelity and other custodians are seeking business from the burgeoning number of “hybrid” advisers who sell fee-based services but also want to retain some commission business. Mr. Fiske, who joined Fidelity from Pershing Advisor Solutions LLC in 2008, will relinquish some of his oversight of technology, practice management, alternative investments and other platform services for RIAs, Mr. Austin said.
Mr. Dell'Orfano will continue to report to Michael Durbin, president of institutional wealth services, while Mr. Fiske will report to him as well as to Sanjiv Mirchandani, president of National Financial.
The clearing unit also said that Bobbi Masiello, who most recently ran new-business development, will now focus on running relationship management, a position that had been open since Mark Healy left Fidelity late last year. Ms. Masiello, an executive vice president who has been with Fidelity for 24 years, continues to report to Mr. Mirchandani.
The reorganization follows a continuing merry-go-round of changes at the institutional unit.
As previously reported, Charles Goldman will officially relinquish his role as president of institutional platforms this month — after about a year on the job — and won't be replaced. His former direct reports, Mr. Durbin and Mr. Mirchandani, now report to Gerard McGraw, president of Fidelity's sprawling institutional products group.
Mr. Goldman had been hired by Michael Clark, the former institutional products group head who stepped down last year.
Fidelity said that the changes reinforce its commitment to enhancing client services, an area that Mr. Goldman had targeted as his chief priority.
“Fidelity has always been focused on delivering an exceptional client experience,” Mr. McGraw said in statement. “Our clients will benefit from Scott, Bobbi and Ron's strong industry knowledge and deep understanding of our clients' needs.”
Mr. Dell'Orfano and Mr. Fiske's new responsibilities were reported earlier by RIABiz, an online publication.
In an unrelated executive change that was reported on InvestmentNews.com yesterday, Laura Cronin, enterprise transformation officer at
Fidelity Investments, is also leaving the company. Ms. Cronin, a 14-year Fidelity veteran who served as the firm's chief financial officer from 2002 to 2005, is leaving June 30, said Vincent Loporchio, a spokesman.
The firm hasn't yet said if it will replace her. Ms. Cronin reported to Tony Ryan, chief administrative officer.
In January, Rodger Lawson, the company's president, announced that he was leaving at the end of March. —
Jessica Toonkel Marquez contributed to this story.
