Boston-based Fidelity Institutional has combined its clearing and custody businesses into one unit and has named Sanjiv Mirchandani its president.
Mirchandani, who is becoming president of Fidelity Clearing and Custody, is currently president of National Financial, a company owned by Fidelity Investments.
In the last few 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, according to today's announcement.
Since the alignment of the client segments more than 18 months ago, Fidelity’s assets under administration in the clearing and custody business have grown by nearly 30 percent and client satisfaction scores have improved. The clearing and custody businesses ended 2014 with a record high of nearly $1.5 trillion in assets under administration, servicing more than 3,200 advisory firms and 5.5 million accounts, says Fidelity.
"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.
In addition, Fidelity Enterprise Services also announced the creation of Fidelity Wealth Technologies and has named Michael Durbin president of the new organization. Durbin currently serves as president of Fidelity Institutional Wealth Services.