BOSTON, Jan 6 (Reuters) - Fidelity Investments hired two heavy hitters for its institutional group, an arm of the world's biggest mutual funds company that targets advisors and other intermediary clients.
Peter Cieszko was named president of Fidelity Investments Institutional Services Co, which manages $272 billion in assets and provides fund management services through financial institutions and advisors, Fidelity said in a statement on Tuesday.
Cieszko was president of global distribution at Evergreen Investments, the funds arm of Wachovia Corp, which was bought by Wells Fargo & Co, the fourth-largest U.S. bank by assets, at the turn of the year.
Cieszko was named in July to the post of Evergreen president and chief executive, effective Jan. 1, and had been transitioning into that role but left the firm at the end of 2008, Evergreen spokeswoman Laura Fay said.
Before Evergreen, Cieszko worked with money manager Legg Mason.
Cieszko replaces Joe LoRusso, who stepped down on Dec. 31 after previously announcing his retirement, Fidelity spokesman Steve Austin said.
Fidelity also said it had appointed Ed Orazem, former managing director of global wealth management for Citigroup Inc , as president of Fidelity Family Office Services, which provides wealth management products to ultra-high-net-worth clients, representing more than $9 billion in assets.
'Our Institutional Services and Family Office business are critical to our goal of positioning Fidelity as the premier destination for intermediaries to do business,' Michael Clark, president of Fidelity Institutional Products Group, said in the statement.
Fidelity spokesman Austin said Orazem will move into a post that has been vacant since July, when the previous president, Roger Hobby, quit.
Boston-based Fidelity managed about $1.2 trillion in assets as of Nov. 30. That was down from $1.6 trillion at the start of 2008, due to market depreciation and outflows mainly from its stock funds.
Cieszko, who joins this month, will report to Clark. Orazem will join the firm next month and will report to Charles Goldman, president of institutional platforms for Fidelity Institutional Products Group, the company said.
(Reporting by Muralikumar Anantharaman; Editing by Tim Dobbyn)
(murali.anantharaman@thomsonreuters.com; +1 617 856 4341; Reuters Messaging: murali.anantharaman.reuters.com@reuters.net))
Keywords: FIDELITY/
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Peter Cieszko was named president of Fidelity Investments Institutional Services Co, which manages $272 billion in assets and provides fund management services through financial institutions and advisors, Fidelity said in a statement on Tuesday.
Cieszko was president of global distribution at Evergreen Investments, the funds arm of Wachovia Corp, which was bought by Wells Fargo & Co, the fourth-largest U.S. bank by assets, at the turn of the year.
Cieszko was named in July to the post of Evergreen president and chief executive, effective Jan. 1, and had been transitioning into that role but left the firm at the end of 2008, Evergreen spokeswoman Laura Fay said.
Before Evergreen, Cieszko worked with money manager Legg Mason.
Cieszko replaces Joe LoRusso, who stepped down on Dec. 31 after previously announcing his retirement, Fidelity spokesman Steve Austin said.
Fidelity also said it had appointed Ed Orazem, former managing director of global wealth management for Citigroup Inc , as president of Fidelity Family Office Services, which provides wealth management products to ultra-high-net-worth clients, representing more than $9 billion in assets.
'Our Institutional Services and Family Office business are critical to our goal of positioning Fidelity as the premier destination for intermediaries to do business,' Michael Clark, president of Fidelity Institutional Products Group, said in the statement.
Fidelity spokesman Austin said Orazem will move into a post that has been vacant since July, when the previous president, Roger Hobby, quit.
Boston-based Fidelity managed about $1.2 trillion in assets as of Nov. 30. That was down from $1.6 trillion at the start of 2008, due to market depreciation and outflows mainly from its stock funds.
Cieszko, who joins this month, will report to Clark. Orazem will join the firm next month and will report to Charles Goldman, president of institutional platforms for Fidelity Institutional Products Group, the company said.
(Reporting by Muralikumar Anantharaman; Editing by Tim Dobbyn)
(murali.anantharaman@thomsonreuters.com; +1 617 856 4341; Reuters Messaging: murali.anantharaman.reuters.com@reuters.net))
Keywords: FIDELITY/
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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