Joseph P. LoRusso (49), most recently president of Fidelity Institutional Retirement Services Company (FIRSCo), will now take that title at Fido's Financial Intermediary Services unit.

LoRusso, a nine-year Fido vet, succeeds Ellyn A. McColgan, who was named president of Fidelity Brokerage Company, and he will report to Robert L. Reynolds, vice chairman and chief operating officer, according to the Boston firm. McColgan, in turn, is replacing Kevin Kelly, who has taken a leave of absence due to a serious illness in his immediate family.

"Fidelity has been partnering with brokers and advisors for more than 20 years, and this business is an important component of the overall Fidelity organization. Joe LoRusso's experience and leadership skills will enable Fidelity to continue to grow this business and serve the needs of investment professionals - at a time when others may be rethinking their business," said Reynolds in a release.

The Financial Intermediary Services group provides investment management products and services to banks, insurance companies and brokerages in the U.S. and Canada.

LoRusso joined Fidelity in 1993 as a vice president in FIRSCo's marketing department. He previously held senior management positions at John Hancock Financial and Equitable's Pension business.  

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