Mike Durbin has stepped down as head of Fidelity Institutional, a role he held for more than five years.
Moving into the role is Vadim Zlotnikov, who has served as president of Fidelity Institutional Asset Management Solutions for almost three years after a stint heading up global asset allocation. Prior to Fidelity, he was with AllianceBernstein for more than 26 years. Zlotnikov has been replaced at the asset management division by Bill Irving, who will maintain his current duties as chief investment officer of global asset allocation while taking on additional responsibilities as president. Zlotnikov held both positions prior to Irving’s promotion to CIO of global asset allocation in May 2020.
Durbin has transitioned into a role as a senior advisor reporting to Fidelity Investments CEO Abigail Johnson.
Durbin had served as head of Fidelity Institutional since October 2017, after holding a number of other leadership roles at the company, which he joined after almost 20 years with Morgan Stanley.
In his new role, Durbin will remain “actively involved” with wealth management and institutional clients, according to a Fidelity spokesperson, who noted that it’s not uncommon for Fidelity to create new positions to allow for professional mobility within it business units.
The moves are part of a larger reorganization within the company as it moves teams focused on clearing and custody sales, relationship management, service and operations—all of which are becoming increasingly automated—from Fidelity Institutional to its Fund and Brokerage Operations and Technology division, headed up by Ron DePoalo. The realignment is meant to allow for “greater technology innovation and speed to market,” according to the spokesperson.
The Fidelity Institutional side now has a “reshaped strategic focus as a fully integrated, open architecture investment management distribution business” delivering advice, solutions, capabilities and insight to intermediary and institutional markets, the spokesperson said.