Michael Durbin is transitioning out of his role as president of Fidelity Institutional, the division of Fidelity that provides clearing, custody, trading services, technology and investment management products and solutions to financial intermediaries and institutions.
Durbin, who has been in the position for the past five years, will move to a new position at the company while Vadim Zlotnikov, who has served as president of Fidelity Institutional Asset Management Solutions for nearly three years, will assume his role as president. Before joining Fidelity, Zlotnikov spent more than 26 years with AllianceBernstein.
Durbin was head of Fidelity Institutional’s product and platform technology group prior to becoming its president, having succeeded Jeffrey P. Lagarce, who transitioned to a senior adviser role at the time. Durbin will similarly be moving to a senior adviser position, reporting to Fidelity CEO Abigail Johnson, and will remain on Fidelity’s Operating Committee.
Prior to his role as the head of the product and platform technology group for Fidelity Institutional, Durbin oversaw Fidelity’s successful acquisition of eMoney Advisor. Durbin joined Fidelity in 2009 and from 2009 until 2015 led its RIA custody unit.
Ron DePoalo will remain head of Fidelity’s fund and brokerage operations and technology division, which now includes the firm's clearing and custody sales, relationship management, service and operations teams
The realignment is part of a larger reorganization within the Boston-based asset manager.
"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. This is aimed at delivering a better client experience through a greater level of dedicated resources," a Fidelity spokesperson said.
"We will be aligning Fidelity’s clearing and custody sales, relationship management, service and operations teams with our brokerage operations and technology teams, allowing for greater technology innovation and speed to market in an industry dominated by the need for scale, digital technologies, and differentiated service," the spokesperson added.
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