Fidelity Veteran Tapped to Lead Growing Family Office Business

Fidelity Family Office Assets Increase Seven-Fold in Eight Years

BOSTON — Fidelity Clearing & Custody Solutions, the division of Fidelity Investments that provides clearing and custody to registered investment advisors (RIAs), family offices, retirement recordkeepers, broker-dealer firms, banks and insurance companies, today announced that Andrew Fay, a 16-year Fidelity veteran, has been named head of Fidelity's family office business. Ed Orazem, president of the business, will retire July 1 after eight years of leading the family office organization.

Under Ed's leadership, Fidelity's family office business has seen meaningful growth, increasing assets from $15.6 billion in 20091 to $107 billion today and growing the number of clients to more than 360 single-family, multi-family and wealthy family clients.2 To help continue this momentum, Andrew Fay will assume responsibility for the family office business, which will align with Fidelity Clearing & Custody Solutions with the goal of bringing more scale, solutions and insights to clients. Andrew was part of the original team that started the family office offering in 2003 and has served as head of national sales for the last eight years, recently opening the Westlake, TX office for the business.

"The tremendous growth of Fidelity's family office business is a testament to Ed's years of leadership and vision for serving ultra high net worth families and the advisors who work with them," said Sanjiv Mirchandani, president of Fidelity Clearing & Custody Solutions. "We continue to see tremendous opportunity with the ultra high net worth market, and Andrew's deep knowledge of the family office industry positions him well to capitalize on the opportunity and continue to grow the business." In the United States, there are more than 69,500 ultra high net worth families and 571 billionaires.3

Note to Editors:

Fidelity's Family Office Business

  • Fidelity's family office business provides custody, brokerage, investment and reporting services to family offices, wealthy families and the advisors that support them.
  • Fidelity's offering is a cost-effective alternative for family office clients who want institutional capabilities delivered with objective guidance, exceptional service, integrity and security.
  • Fidelity provides services to more than 360 family office clients, including 170 single-family offices, 31 multi-family offices and 165 wealthy families across the country.2
  • Fidelity's family office business recently aligned with Fidelity Clearing & Custody Solutions, bringing the clearing and custody assets under management to nearly $1.9 trillion.4
  • Fidelity's family office business has received several industry accolades, including four Private Asset Management Awards for Best Single-Family Office and Multi-Family Office Service Provider and a WealthManagement.com Industry Award for research and insights on family office executive compensation.

Biographical Information for Andrew Fay

  • In his new role, Fay is responsible for the oversight of the family office business within Fidelity Clearing & Custody Solutions.
  • Fay began his time at Fidelity Investments in September of 2000 as part of Fidelity Capital Markets. In 2003, he was a member of the team that started Fidelity Family Office Services, and he went on to establish the client management and service teams, which he managed until 2009. He has spent the last eight years overseeing national sales, and in the last year, he opened the Westlake, TX office for the family office business.
  • Prior to joining Fidelity, he spent several years with Fleet Boston Robertson Stephens (BancBoston Securities), managing their Syndicate Desk with particular emphasis on Mezzanine offerings and High-Yield originations. He started his career in banking, spending four years with Manufacturers Hanover Trust in New York and then five years with the First National Bank of Boston in the Commercial Lending arena.
  • In 2006, Fay completed the requirements to become a Certified Investment Management Analyst (CIMA) offered through the Investment Management Consultants Association (IMCA).
  • Fay earned his bachelor of arts degree from Bowdoin College with majors in government studies and French and a minor in economics.

About Fidelity Investments

Fidelity's mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $6.0 trillion, including managed assets of $2.2 trillion as of March 31, 2017, we focus on meeting the unique needs of a diverse set of customers: helping more than 26 million people invest their own life savings, 23,000 businesses manage employee benefit programs, as well as providing more than 12,500 financial advisory firms with investment and technology solutions to invest their own clients' money. Privately held for 70 years, Fidelity employs 45,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.

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