Michael R. Durbin Named President of Fidelity Institutional

BOSTON--(BUSINESS WIRE)--Fidelity Investments^® announced today that Michael R. Durbin, has been named 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 was previously head of Fidelity Institutional’s product and platform technology group, succeeds Jeffrey P. Lagarce, a long-tenured Fidelity executive who will be transitioning to a senior advisor role.

Durbin, 49, will report to Abigail P. Johnson, chairman and chief executive officer of Fidelity, and join the Fidelity Operating Committee.

“Mike has been a leader in helping to drive the evolution of the wealth management industry, ensuring that our clients have the technology, investment solutions and insights they need to succeed in a changing landscape,” said Johnson, “His client focus will help to promote the continued growth of Fidelity Institutional, which is an important part of Fidelity’s portfolio of businesses.”

Fidelity Institutional administers more than $2.3 trillion in assets across three distinct business groups:

• Fidelity Clearing & Custody Solutions, led by Sanjiv Mirchandani, which is the largest clearing and custody provider in the country, serving registered investment advisors (RIAs), broker-dealers, banks and family offices.
• Fidelity Institutional Asset Management, led by Judy Marlinski, which is the distribution organization dedicated to offering Fidelity products and solutions through intermediaries and institutions to end investors and other entities.
• Fidelity Capital Markets, led by Tom Tesauro, which is the institutional trading arm of Fidelity, and offers prime brokerage services and trading solutions to a wide array of clients, including asset managers and hedge funds.

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 then until 2015 led its RIA custody unit.

“No other company can bring to bear the portfolio of solutions that Fidelity Institutional has to offer: from trade execution quality that outperforms the industry average¹, to low-cost index-options and high quality active investment solutions², to a future-ready clearing and custody platform that is driving toward a totally digital, yet totally personalized experience for home offices, advisors and investors,” said Durbin. “It’s a privilege to be able to serve as ‘chief advocate’ to our clients in order to ensure that we continue to meet their evolving spectrum of needs.”

Lagarce, who turns 63 this fall, has been a long-time senior leader at Fidelity with extensive global experience, including three successful assignments working overseas in Europe for Fidelity’s international entity, Fidelity International Limited. Prior to becoming FI president in April 2016, Lagarce led Fidelity Institutional Asset Management and served in several senior leadership roles that helped to drive significant growth in Fidelity’s institutional retirement business. Today, Fidelity Investments is the No. 1 provider of workplace retirement savings plans in the U.S.³ He joined Fidelity in 1996.

“Jeff has been one of our most successful and impactful leaders,” said Johnson. “He has accomplished the goals we set out for him to tackle when he became head of FI, and I will continue to rely on him as a senior advisor.”

Notes to Editors:

Biographical Information for Michael R. Durbin

• Durbin assumed his role as head of product and platform technology for Fidelity Institutional in 2016. Prior to that role, he was head of Fidelity Wealth Technologies, the division under which eMoney Advisor reports within Fidelity.
• In 2015, Fidelity combined its clearing business, National Financial, and its custody business, Fidelity Institutional Wealth Services, into one unit, Fidelity Clearing & Custody Solutions. In 2017, Fidelity Family Office Services was added to that portfolio.
• Durbin assumed the role as president of Fidelity Institutional Wealth Services (IWS) in February 2009. Under Durbin’s leadership, IWS more than doubled its assets under administration⁴. During his tenure, Durbin implemented a new client service experience, added a regional-based coverage model, increased the firm’s focus on national accounts, launched a retirement focus and significantly invested in people and programs from the Practice Management and Consulting team, increasing client satisfaction scores by nearly 40 percent⁵.
• Prior to joining Fidelity, Mr. Durbin acted as chief operating officer of the National Sales Division for Morgan Stanley’s Global Wealth Management. During his 18-year tenure with Morgan Stanley, Mr. Durbin held various leadership positions, including head of Capital Markets, head of International Private Wealth Management and chief strategic and risk officer for the Global Individual Investor Group. Mr. Durbin joined the firm in 1990, then titled Dean Witter Reynolds, Inc., in the investment banking field. In his initial roles, he was involved with the origination, structuring and marketing of packaged investments for private client distribution.
• Durbin received his bachelor of business administration degree in finance and economics from the University of Notre Dame in 1990. In 1998, he received his MBA from the Leonard N. Stern School of Business at New York University.

About Fidelity Investments

Fidelity’s mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $6.4 trillion, including managed assets of $2.3 trillion as of August 31, 2017, we focus on meeting the unique needs of a diverse set of customers: helping more than 26 million people invest their own life savings, 23,000 businesses manage employee benefit programs, as well as providing more than 12,500 financial advisory firms with investment and technology solutions to invest their own clients’ money. Privately held for 70 years, Fidelity employs more than 40,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.

The content provided herein is general in nature and is for informational purposes only. This information is not individualized and is not intended to serve as the primary or sole basis for your decisions as there may be other factors you should consider.

The registered trademarks and service marks appearing herein are the property of FMR LLC.

Fidelity Clearing & Custody Solutions^® provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. Fidelity Capital Markets is a division of National Financial Services LLC. Members NYSE, SIPC.

Products and services provided through Fidelity Institutional Asset Management^® (FIAM^®) to investment professionals, plan sponsors and institutional investors by Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917.

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¹ Based on data from IHS Markit for SEC Rule 605 eligible orders executed at Fidelity from July 1, 2016, to June 30, 2017. The comparison is based on an analysis of price statistics that include market orders and marketable limit orders of 100–1,999 shares. Price improvement examples are based on averages, and any price improvement amounts related to your trades will depend on the particulars of your specific trade. Fidelity's average retail order size for SEC Rule 605 eligible orders (100–9999 shares) during this time period was 1,074 shares.
Price improvement details are provided for domestic stock and single-leg option orders entered during market hours after the primary opening, provided there is a National Best Bid and Offer (NBBO) at the time the order is placed. Price improvement details are provided for informational purposes only and are not used for regulatory reporting purposes.
NBBO price is determined with the best-single leg prices on a single market from any of the available option exchanges at the time the order is executed or within 30 seconds of the order being received by the CBOE's order routing system.
² Source: https://www.fidelity.com/mutual-funds/investing-ideas/beat-the-benchmark
³ This statement is based on the results of a combination of independent media surveys. Fidelity ranked first in DC assets under administration as of December 31, 2015 by Pensions & Investments’ Defined Contribution Record Keepers Survey, first in total recordkeeping assets and participants as of December 31, 2015 by PLANSPONSOR in its annual Defined Contribution Recordkeepers Survey and first in DC assets recordkept as of December 31, 2015 in Cerulli Associates U.S. Retirement Markets 2016.
⁴ Fidelity business data as of December 31, 2014.
⁵ Client satisfaction scores based on client survey from July-August 2014.