Fidelity Institutional has hired former Salesforce executive Rohit Mahna as the division’s new head of client growth.
Mahna will succeed Sanjiv Mirchandani, who retired earlier this year, according to a Fidelity spokesperson. As head of client growth, Mahna will lead the division’s Client Relationship Group, consisting of both sales and management relationship teams. Fidelity Institutional offers custodial services, technology and operational support for wealth management firms, and is led by Mike Durbin. Durbin said Mahna was joining the firm during a time of “increasingly rapid” evolution in the industry.
“He brings to Fidelity a unique set of skills at the intersection of finance and technology and knowledge of that space which will benefit all of our clients,” Durbin said about the hiring.
Mahna had been a senior vice president with Salesforce and general manager of its Global Financial Services Group for the past five years. He’d been with Salesforce for more than a decade, during which financial services grew to be the software firm's largest industry practice.
While at Salesforce, Mahna helped develop the company’s Financial Services Cloud, its first product designed exclusively for the financial services industry. Prior to Salesforce, Mahna was a financial services industry lead at IBM, a business consultant at Conchango and a business analyst with TD Waterhouse. In a statement about his hiring, Mahna said he was excited to help Fidelity Institutional clients grow their businesses.
Mirchandani had worked at Fidelity for nearly three decades, according to his LinkedIn profile, and had served as the head of Fidelity Institutional’s Client Relationship Group from March 2020 before retiring in June. He’d previously worked for five years as president for Fidelity’s Clearing and Custody Solutions and more than 12 years as head of Fidelity’s National Financial, which offered annuity and life insurance products.
Fidelity Institutional works with 13,500 clients, including many wealth management firms, and manages about $967 billion in discretionary assets while administering about $4 trillion in assets. Last month, Fidelity Institutional announced a partnership with structured investments platform provider Simon Markets to allow advisors simpler access to structured products, calling itself “the first clearing and custody firm” to offer such an integration with Simon.