Fidelity Investments yesterday named Michael K. Clark to lead its institutional services business. Clark, 50, is the former chief executive officer in charge of JPMorgan's $15 trillion Worldwide Securities Services operation.
"Fidelity's strong presence with banks, broker-dealers, insurers, registered investment advisors and other intermediaries opens huge growth possibilities for us as we align the businesses that serve these clients under Mike's leadership," Fidelity Investments President Rodger A. Lawson said in a statement.
As president of Fidelity Institutional Services, Clark will report to Lawson. Institutional Services comprises National Financial, Capital Markets, Institutional Wealth Services, Fidelity Investments Institutional Services, all brokerage operations, and the risk and brokerage technology functions.