Fidelity Institutional offers clearing, custody, investment products, brokerage and trading services to a wide range of financial intermediary firms. Nearly 10,000 financial advisory and brokerage firms rely on Fidelity Institutional’s innovative technology and deep expertise to help more than 4 million investors make some of the most complex, important decisions of their lives. Fidelity Institutional's goal is to help clients thrive by supporting the growth of their businesses, enhancing their operational efficiency and delivering insights that help to drive confidence, clarity and results.
Under the umbrella of Fidelity Institutional are several distinct business units with more than $1.9 trillion in assets under administration (AUA). The group also supports all technology platforms, infrastructure, operations, risk management and management designed to benefit Fidelity Institutional’s clients.1
- The Fidelity clearing and custody businesses have $1.5T in AUA and service over 3,400 clients and 5.6 million accounts.
- Fidelity Clearing and Custody provides a comprehensive clearing and custody platform, brokerage services, trading capabilities and practice management and consulting to registered investment advisors (RIAs), including strategic acquirers and professional asset managers, as well as retirement recordkeepers, broker-dealer firms, banks and insurance companies. In addition to providing services to third-party institutions, the National Financial Services LLC (NFS) brokerage platform supports all the clearing and custody businesses at Fidelity, including Fidelity’s retail, and capital markets businesses, bringing NFS assets under administration to $3.0 trillion.2
- Fidelity Family Office Services Fidelity Family Office Services is the business unit that provides custody, brokerage, investment, and reporting services to wealthy families and family offices.3
- Fidelity Financial Advisor Solutions offers investment management products, including Fidelity Advisor Funds®, Variable Insurance Product (VIP) Portfolios, systematic investment plans, institutional money market funds and a comprehensive line of retirement products and solutions to investment professionals, plan sponsors and consultants at institutions nationwide.
- Fidelity Capital Marketsis the institutional trading arm of Fidelity Investments®, providing trading products and services to a wide array of clients, including buy-side institutions and hedge funds, as well as to Fidelity®'s own businesses. Fidelity Capital Markets offers a suite of electronic brokerage products and execution services across multiple asset classes, including equities, fixed income, options, and FOREX, as well prime brokerage, securities lending, and municipal and bank issued brokered CD underwriting.4
Fidelity Institutional also includes large-scale service organizations.
- The Technology group develops and supports the technology backbone of the entire Fidelity brokerage platform; handles all advisor workstation technology, including the group's work in mobile apps and interfaces. This group is responsible for leveraging Fidelity's significant enterprise-wide investment in technology and innovation-oriented culture for the benefit of all FI clients, as well as the clients of Fidelity Personal Investing.5
- The Operations and Services Group opens new accounts, settles trades, manages the margin book, examines client risk and handles most back office operations;
- The Client Experience team handles back office customer interactions, ensuring that every action and decision is handled with integrity and a personal attention to detail; and
- The Document Processing team handles all incoming and outgoing mail and all of the firm's print production.
Assets as of March 31, 2015
|Total FI assets under administration (AUA)||$1,912 billion|
|Clearing and Custody AUA||$1,460 billion|
|NFS AUA*||$3,034 billion|
* Includes Fidelity Clearing and Custody and Fidelity Family Office Services.
** Includes Fidelity's retail and capital markets businesses, in addition to broker-dealer, third-party recordkeeper, and family office clients.
|Total FI assets under management (FI only)||$491 billion|
FI Business Highlights, as of March 31, 2015
|Total FI client firms:||9,750|
|Total FI Accounts:||8.1 million|
|Daily Average Revenue Trades (DARTs):||247 thousand|
|President, Fidelity Institutional||Gerard McGraw|
|President, Fidelity Financial Advisors Solutions||Scott Couto|
|President, Fidelity Clearing and Custody||Sanjiv Mirchandani|
|President, Fidelity Family Office Services||Ed Orazem|
|Interim Head, Fidelity Capital Markets||Tom Tesauro|
Note: On February 24, 2015, Fidelity Institutional Wealth Services and National Financial were combined as Fidelity Clearing and Custody under the leadership of Sanjiv Mirchandani. Fact sheet for Q1 2015 to reflect this change.
FI Headquarters are in Boston, MA with several regional centers across the United States and Canada, including: Cincinnati, OH/Covington, KY; Westlake, TX; Raleigh, North Carolina; Merrimack, NH; New York/New Jersey; Smithfield, RI; and Toronto, Canada.