Fidelity announced that Vadim Zlotnikov will assume the role of head of Fidelity Institutional, as part of a reorganization.
Michael Durbin, who has led Fidelity Institutional since 2017, is transitioning into a senior advisor role while remaining actively involved with wealth management and institutional clients, Fidelity said in a statement.
Durbin joined Fidelity in 2009 and from then until 2015 led its RIA custody unit. He oversaw Fidelity’s acquisition of eMoney Advisor prior to his role as the head of the product and platform technology group for Fidelity Institutional.
Zlotnikov, who joined Fidelity in mid-2018 after serving more than two decades with Alliance Bernstein, was president of Fidelity Asset Management Solutions for the past two years and nine months. In his new role, he will focus on institutional investment management solutions, Fidelity said.
Durbin and Zlotnikov could not be reached for comment.
“Fidelity has a long heritage of asking talented leaders to take on new and different roles as a way to infuse fresh perspectives into other parts of the company,” Fidelity said in its statement.
The company added: “To strengthen our commitment to wealth management and institutional clients of all sizes, we realigned the Fidelity Institutional business to bring dedicated focus to our clients’ evolving and growing needs in two key areas: institutional investment management solutions, and advisor services and technology. By realigning these focus areas in into two separate divisions, we aim to deliver a better client experience through a greater level of dedicated resources.”
As part of its reorganization, the company said it also is aligning Fidelity’s clearing and custody sales, relationship management, service and operations teams with its brokerage operations and technology team. It noted that Ron DePoalo will remain head of Fidelity’s Fund and Brokerage Operations and Technology division, which now includes these groups.