Fidelity Investments® Aligns Clearing and Custody Units; Strengthens Commitment to Innovation in Financial Advice Industry

  • Sanjiv Mirchandani appointed president of Fidelity Clearing and Custody
  • Michael Durbin appointed president of new Fidelity Wealth Technologies group

BOSTON – Fidelity Institutional, the division of Fidelity Investments® that provides clearing, custody and investment management products to registered investment advisors (RIAs), broker-dealers, family offices, retirement recordkeepers and banks, today announced the alignment of its clearing and custody units. In conjunction, Fidelity Enterprise Services also announced the creation of a new organization, Fidelity Wealth Technologies, a group that will drive and deliver digital solutions across the Fidelity enterprise and throughout the financial advice industry.

Sanjiv Mirchandani, currently the president of National Financial, has been named the president of Fidelity Clearing and Custody, and Michael Durbin, currently president of Fidelity Institutional Wealth Services, will become president of Fidelity Wealth Technologies. These new leadership roles are part of a long-term strategy to recognize the growing, emerging and converging business models in the financial advice industry and to organize the clearing and custody units to better serve clients.

In the last five years, Fidelity has aligned several core functions across the clearing and custody businesses, including the client experience team, the product group and the platform technology team. In July 2013, the business further aligned around several core client segments: banks and broker-dealers under National Financial and registered investment advisors, professional asset managers, strategic acquirers and retirement advisors and recordkeepers under Fidelity Institutional Wealth Services.

"Combining our clearing and custody organizations into one unit under a single leader helps us deliver the best solutions for our clients and is the next logical step in the process that we started several years ago," said Gerard McGraw, president of Fidelity Institutional.

Since the alignment of the client segments more than 18 months ago, assets under administration in the clearing and custody business have grown by nearly 30 percent1 and client loyalty metrics have improved.2 The Fidelity clearing and custody businesses ended 2014 with a record high of nearly $1.5T in assets under administration, servicing more than 3,200 advisory firms and 5.5 million accounts.

The Fidelity Wealth Technologies group will help to speed innovation on behalf of clearing and custody clients, Fidelity's broader array of customer segments and firms throughout the financial advice industry. Upon the expected closing of the pending transaction, Edmond Walters, founder and CEO of eMoney Advisor, will report into Durbin and Fidelity Wealth Technologies, and maintain his role leading eMoney Advisor. Fidelity Wealth Technologies will add to or align efforts under this group, based on the needs of Fidelity's clients and the broader financial advice industry.

"Our clients' technology needs across the enterprise and the broader technology needs of the financial services industry are limitless, so having a dedicated organization to grow, develop and rapidly deliver technology solutions can help drive our collective success," said Michael Wilens, president of Fidelity Enterprise Services.

Earlier this year, in parallel to Fidelity Investment's agreement to acquire eMoney Advisor, Fidelity Institutional committed to a significant, multi-year investment in a next generation technology platform, which will offer comprehensive data management, efficient and integrated workflow capabilities and collaborative tools for investors, advisors and home offices. eMoney Advisor is expected to play a key role in the deployment of the platform, accelerating Fidelity's efforts with regard to data aggregation and investor/advisor collaboration tools—all in a more integrated fashion.

Mirchandani will continue to report to McGraw, and Durbin will report to Wilens. The Fidelity Institutional Wealth Services senior leadership team members, who have reported into Durbin, will now report into Mirchandani.

"Sanjiv and Mike have done an outstanding job leading their teams and collaborating on behalf of our clients. We are fortunate to have two exceptional leaders that can help propel us forward," McGraw added.

Note to Editors:

Biographical Information for Sanjiv Mirchandani

  • Mirchandani assumed his position as president of National Financial in March 2009.
  • Under Mirchandani's leadership, National Financial has more than doubled its assets under administration,3 added several significant clients to the platform—including large, historically self-clearing firms—and overseen the firm's agreement to transition clients from J.P. Morgan's Broker Dealer Services platform to National Financial.
  • He joined Fidelity Investments in 1994 and has held several positions, including senior product, marketing, planning, strategy and business leadership roles in Personal and Workplace Investing.
  • Prior to joining Fidelity, Mirchandani spent six years at the American Express Company as a director of marketing in the consumer card business.
  • He began his career at the Citibank consumer bank, where he worked for three years.
  • Mirchandani received a bachelor of commerce degree from the University of Bombay, in India, in 1982 and an MBA from Cornell University in 1984.

Biographical Information for Michael R. Durbin

  • Durbin assumed his role as president of Fidelity Institutional Wealth Services (IWS) in February 2009.
  • Under Durbin's leadership, IWS more than doubled its assets under administration.4 During his tenure, Durbin implemented a new client service experience, added a regional-based coverage model, increased the firm's focus on national accounts, launched a retirement focus and significantly invested in people and programs from the Practice Management and Consulting team, increasing client satisfaction scores by nearly 40 percent.5
  • Prior to joining Fidelity, Durbin acted as chief operating officer of the National Sales Division for Morgan Stanley's Global Wealth Management. In this role, he was responsible for marketing, business development, field sales and marketing, infrastructure prioritization and investment strategy for a network of more than 8,000 financial advisors nationwide.
  • During his 18 year tenure with Morgan Stanley, Durbin held various leadership positions, including head of Capital Markets, head of International Private Wealth Management and chief strategic and risk officer for the Global Individual Investor Group.
  • Durbin received his bachelor of business administration degree in finance and economics from the University of Notre Dame in 1990. In 1998, he received his MBA from the Leonard N. Stern School of Business at New York University.

About Fidelity Investments

Fidelity's goal is to make financial expertise broadly accessible and effective in helping people live the lives they want. With assets under administration of $5.0 trillion, including managed assets of $2.0 trillion as of January 31, 2015, we focus on meeting the unique needs of a diverse set of customers: helping over 24 million people investing their own life savings, nearly 20,000 businesses to manage their employee benefit programs, as well as providing nearly 10,000 advisory firms with technology solutions to invest their own clients' money. Privately held for nearly 70 years, Fidelity employs 41,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit www.fidelity.com.

1. Fidelity business data as of Q4 2014.
2. Client satisfaction scores based on client survey fielded July-August 2014.
3. Fidelity business data as of Q4 2014.
4. Fidelity business data as of Q4 2014.
5. Client satisfaction scores based on client survey from July-August 2014.
Fidelity Institutional Wealth Services provides brokerage products and services and is a division of Fidelity Brokerage Services LLC. National Financial is a division of National Financial Services LLC through which clearing, custody and other brokerage services may be provided. Both members NYSE, SIPC. 200 Seaport Blvd, Boston, MA 02210
If receiving this piece through your relationship with Fidelity Financial Advisor Solutions (FFAS), this publication is provided to investment professionals, plan sponsors, institutional investors, and individual investors by Fidelity Investments Institutional Services Company, Inc.
© 2015 FMR LLC. All rights reserved.
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