BOSTON — Fidelity Investments today announced new roles for two of the firm's senior leaders, and the creation of a Finance and Brokerage Operations team, as part of a planned executive transition at the firm. The changes are effective immediately.
Gerard McGraw, currently president of Fidelity Institutional (FI), has been named chief financial officer of FMR LLC and will lead the new Finance and Brokerage Operations team. He also will continue to report to Abigail P. Johnson, president and chief executive officer, and serve on the board of directors of Fidelity's parent, FMR LLC. Alan Scheuer, who has served as Fidelity's CFO for the past nine years and in senior finance leadership roles for the last decade, will retire from Fidelity at the end of the quarter.
Jeffrey Lagarce, currently president of Fidelity Institutional Asset Management (FIAM), has been named president of Fidelity Institutional, succeeding McGraw. He will report to Johnson and join the Fidelity Operating Committee.
"Gerry is a respected leader in the financial services industry whose deep expertise in finance, risk management, and operations will help prepare our company for our current and long-term needs so that we can continue to deliver an outstanding customer experience," said Johnson. "His long tenure at Fidelity and leadership of FI, along with his active participation with industry trade groups, gives him a unique perspective that will benefit our clients, our associates, and our firm," she added.
McGraw has led Fidelity Institutional since mid-2009, and helped drive significant growth in the clearing, custody, investment management products, and prime services businesses for registered investment advisors, broker-dealers, family offices, banks, and hedge funds, including a 53 percent increase in assets under administration to $1.93 trillion, and a 25 percent increase in assets under management to $549 billion. He previously ran the Operations and Service Group from 2003 to 2009. He joined Fidelity in 1996.
"Jeff has been an outstanding leader at Fidelity in our institutional businesses here in the U.S. and in Europe. He understands the institutional marketplace and the needs of advisors, intermediaries, and home office professionals," Johnson continued. "I am confident he can continue the solid foundation Gerry has created at FI."
Lagarce most recently led the newly-created FIAM team, a $500 billion AUM business, and has been a senior leader in several Fidelity businesses, including Workplace Investing and Fidelity Management Trust Company. He also led distribution efforts with intermediaries during two different stints for Fidelity in Europe. He also joined Fidelity in 1996.
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 February 29, 2016, we focus on meeting the unique needs of a diverse set of customers: helping more than 25 million people invest their own life savings, nearly 20,000 businesses manage employee benefit programs, as well as providing nearly 10,000 advisory firms with investment and technology solutions to invest their own clients' money. Privately held for nearly 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.