Fidelity Investments announced on Monday that Michael R. Durbin has been named president of Fidelity Institutional.
Durbin most recently served as head of Fidelity Institutional’s product and platform technology group. Prior to that role, he oversaw the company’s acquisition of eMoney Advisor as head of Fidelity Wealth Technologies.
In his new role, Durbin will join Fidelity Investments’ operating committee and report to Abigail P. Johnson, chairman and CEO of Fidelity.
Durbin succeeds Jeffrey P. Lagarce, who is vacating the position he has held since April 2016 to take a senior advisory role. Largarce has served in various roles with Fidelity since joining the firm in 1996.
Durbin joined Boston-based Fidelity in 2009, becoming president of what was then Fidelity Institutional Wealth Services, Fidelity’s RIA custody business. In 2015, Fidelity combined its clearing firm, National Financial, with its custody business to create Fidelity Clearing & Custody.
After the 2015 reorganization, the company selected Sanjiv Mirchandani, president of National Financial, to lead the combined Fidelity Clearing & Custody Solutions business, while Durbin was tabbed to head the company’s new technology division.
As of August 31, Fidelity Institutional administered more than $2.3 trillion in client assets across its clearing & custody, asset management and capital markets divisions.