Bob Oros, who oversees the RIA business at Fidelity Investments, is leaving the company at the end of the month, Fidelity announced Friday.

The company would not reveal where he is going, but Erica Birke, a spokeswoman for Fidelity, described the change as a “unique, new professional challenge” for Oros. It remains to be seen whether Oros will continue a trend of executives at large custodians leaving their companies for more entrepreneurial companies, particularly in the RIA world. Financial Advisor highlighted this phenomenon in its December issue.

Oros, who is executive vice president and head of the RIA segment for Fidelity Clearing and Custody, Solutions, announced to Fidelity he is leaving at the end of January. Fidelity has begun an active search for his replacement, Birke says.

"Bob has had an impressive career," Birke says. "He has made many impressive contributions to our RIA business during his five-year tenure and we thank him for his service."

Oros, 51, has been with Fidelity for five years. He is well known in the financial services industry and considered a thought leader. He previously worked at Trust Company of America, LPL Holdings and Charles Schwab Corp.

In his current position, he oversees 130 people, including seven regional managing directors, according to his biography.

"I had an amazing experience at Fidelity over the past five years, and will maintain strong professional and personal relationships with the firm. The great work that the team does on behalf of advisors will continue! I look forward to sharing more about my new role at the appropriate time,” Oros said in a written statement. He could not be reached for further comment.