Fidelity says it has restructured its operations, with Mike Durbin stepping out of his leadership post at Fidelity Institutional to serve as a senior advisor while continuing to work with wealth management and institutional clients.
The business unit now has two parts: one focused on advisor services and technology, being led by Ron DePoalo, and the other focused on institutional investment management solutions, headed by Vadim Zlotnikov.
“To strengthen our commitment to wealth management and institutional clients of all sizes, we realigned the Fidelity Institutional business to bring dedicated focus to our clients’ evolving and growing needs in two key areas … ,” the firm explained in a statement.
Durbin led Fidelity Institutional for the past five years. He joined Fidelity in 2009, after nearly 19 years at Morgan Stanley.
“We are aligning Fidelity’s clearing and custody sales, relationship management, service and operations teams with our brokerage operations and technology team,” the firm said.
“Bringing these two teams together under the same umbrella allows for greater technology innovation and speed to market in an industry where clients value scale, digital technologies, and differentiated service,” it added.
The developments at Fidelity were first reported by Wealth Management.