Boston-based Fidelity Clearing & Custody Solutions named a new head of its family office business on Thursday.
Andrew Fay, a 16-year Fidelity veteran, will replace Ed Orazem as president of Fidelity’s family office business after Orazem retires on July 1, according to a company announcement.
“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, in a statement. “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.”
Fay was part of the original team that launched Fidelity’s family office business in 2003, and for the last eight years has served as head of national sales.
In his new role, Fay is tasked with continuing the growth, bringing more scale to the business, and offering additional solutions and insights to clients.
Over the eight years that Orazem has led Fidelity’s family office business, assets have grown from $15.6 billion in 2009 to $107 billion today. Fidelity now serves more than 360 single-family, multi-family and wealthy family clients.
Fidelity’s family office business recently aligned with Fidelity Clearing & Custody Solutions to bring the firm’s total clearing and custody AUM to $1.9 trillion. All told, Fidelity managed $2.2 trillion and administered $6 trillion in assets as of March 31, 2017.