Fidelity changes DBA of distribution unit

Fidelity Investments has rebranded its adviser business, formerly called Fidelity Investments Institutional Services, as Fidelity Advisor Solutions and has named Scott Couto as president.
He had been serving as interim head of the group since December, when Peter Cieszko left after about two years at the company. Mr. Couto previously had held the role of executive vice president of product management and marketing. In his new role, he reports to Gerard J. McGraw, president of Fidelity Institutional.
Fidelity Advisor Solutions works with more than 4,000 financial institutions and 54,000 advisers who manage assets of $385 billion. Fidelity decided to change the name of its adviser business, said spokesman Steve Austin, to better reflect the unit’s “heightened focus on providing investment solutions to financial advisers.”
While Fidelity has always offered investment products, such as mutual funds, now the firm can provide advisers with “solutions,” he said. For example, Fidelity can help advisers with their asset allocation strategy, Mr. Austin said. “With our greater focus on financial advisers, we thought that this was more appropriate,” he said.

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