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Rating:Fido Lassos a Departing Schwab Exec Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, November 25, 2008

Fido Lassos a Departing Schwab Exec

Reported by Neil Anderson, Managing Editor

Charles Goldman is landing at Fidelity. On Tuesday the Boston-based fund giant revealed that the former president of Schwab Institutional will join in early 2009 in a brand new role, president of institutional platforms, reporting to Fidelity Institutional Products Group president Michael K. Clark.

Goldman will oversee National Financial, HybridOne (a combination fee-based and commission-based platform) and Fidelity Family Office Services, as well as Fidelity Institutional Wealth Services (Fidelity's RIA, TPA and trust-focused unit). So it seems that the incoming president of FIWS, Morgan Stanley veteran Michael Durbin, will report to Goldman and not directly to Clark. (Like Goldman, Durbin will also join Fidelity in early 2009, taking over from interim FIWS chief Scott Dell'Orfano, who succeeded Jack Callahan after his move over to Abby Johnson's Personal and Workplace Investing Unit [see our sister publication, The 401kWire, November 20, 2008].)

Goldman left Schwab earlier this month after Schwab collapsed its institutional into its corporate and retirement services unit, creating Schwab Instutional Services reporting to Walt Bettinger protege Jim McCool (see The 401kWire, November 17, 2008).

Company Press Release

BOSTON, Nov 25, 2008 (BUSINESS WIRE) -- Fidelity Investments(R) today named Charles G. Goldman, former executive vice president and head of Schwab Institutional, as president of Institutional Platforms for Fidelity Institutional Products Group. Goldman will join the firm in early 2009 and report to Michael K. Clark, president of Fidelity Institutional Products Group.

In this new role, Goldman will be responsible for developing and implementing the strategic plan for Fidelity's Institutional Platform business, which comprises Fidelity Institutional Wealth Services, National Financial and Fidelity Family Office Services. He also will have management responsibility for HybridOne, an offering designed to help firms and advisors manage their commission- and fee-based business, as well as a new international clearing initiative.

"Fidelity Investments has a strong presence with independent advisors, broker/dealers and family offices, and we are anxious to expand on that," said Clark. "Charles' proven leadership and success, combined with his vast experience in providing best-in-class client service, make him ideally suited for this position. Charles will lead a talented management team that together will continue to look for new and innovative ways to leverage our combined strengths and capabilities to position us as the premier provider of technology, products and service in the intermediary space."

"Aligning our platform businesses under the leadership that Charles clearly brings to Fidelity opens even greater growth opportunities for this firm, and aligns perfectly with the aggressive Institutional plans Mike and his team have already begun putting in place," said Fidelity President Rodger A. Lawson.

"I am very excited to be joining Fidelity," said Goldman. "I have always had tremendous respect for Fidelity as a competitor. By looking at our platform businesses holistically, and leveraging the very best of each, I am confident that we can raise the bar in each of the markets in which we compete."

At Schwab, Goldman was executive vice president and head of Schwab Institutional. In that role, he was responsible for developing and implementing an accelerated growth strategy for Schwab Institutional, and for running its day-to-day business operations. Prior to this position, Goldman served as executive vice president of Strategy and Corporate Development, senior vice president of Corporate Development and senior vice president of Venture Capital Investing. He also led numerous strategic initiatives for Schwab, including the company's cost leadership initiative and merger and acquisition efforts.

Before joining Schwab in 2001, Goldman was president and chief operating officer of Paramount Farms, Inc., and Paramount Citrus Association. Paramount Farms is one of the world's largest vertically integrated growers, processors and marketers of pistachios and almonds. Paramount Citrus is the largest citrus grower and packer in the Sunkist cooperative; Goldman was a member of its board of directors.

Previously, Goldman assisted clients in strategic development, operational improvement and organization design at the Los Angeles office of The Boston Consulting Group. Prior to that, Goldman was with Bankers Trust in New York.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $3.0 trillion, including managed assets of $1.4 trillion as of September 30, 2008. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to 24 million individuals and institutions as well as through 5,500 financial intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.

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

Clearing, custody, or other brokerage services may be provided by National Financial Services LLC or Fidelity Brokerage Services LLC, Member NYSE, SIPC.

National Financial Services LLC, Member NYSE, SIPC 200 Liberty Street, NY4F, New York, NY 10281 

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