Fidelity has rebranded its Fidelity Investments Institutional Services unit to Fidelity Financial Advisor Solutions and named Scott Couto, FIIS's interim head, to the post of president. Couto reports to Gerard McGraw, president of Fidelity Institutional.

Couto has served as interim head since January, when Peter Cieszko left the Boston-based company after two years at the helm of the unit that distributes Fidelity's mutual funds and 401(k) offerings through intermediaries. Cieszko, as reported last month, is joining American Century Investments in August.

Prior to serving as FIIS' interim head, Couto was the unit's executive vice president of product management and marketing.

Before joining Fidelity in 2009, Couto was with Evergreen Investment Managmeent Company and earlier, he worked for Liberty Funds.

As for FIIS' rebranding, company officials said in a press release that the change "reflects the division's heightened focus on providing a range of investment management solutions to financial advisors and other institutional investors."

The unit works with more than 4,000 financial institutions and 54,000 advisors, with AUM of $385 billion.

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Company Press Release

SCOTT COUTO NAMED PRESIDENT OF FIDELITY® FINANCIAL ADVISOR SOLUTIONS, FORMERLY KNOWN AS FIDELITY INVESTMENTS INSTITUTIONAL SERVICES

Name Change Reflects Company's Focus on Providing Solutions to Investment Advisors; Couto Builds on 20-Year Career in Asset Management

BOSTON, July 22, 2011 -- Fidelity Investments today named Scott E. Couto as president of Fidelity® Financial Advisor Solutions, formerly known as Fidelity Investments Institutional Services. The firm's name change reflects the division’s heightened focus on providing a range of investment management solutions to financial advisors and other institutional investors. Fidelity Financial Advisor Solutions works with more than 4,000 financial institutions and 54,000 advisors,i with assets under management of $385 billion.ii

Prior to his new position, Couto served as interim leader of the division. He previously had held the role of executive vice president, Product Management and Marketing. In this role, he led a team that oversaw the firm’s product suite, investment consulting services, product analysis and marketing.

"Scott has been a strong leader during his time with Fidelity, combining his 20-year career in the asset management industry with his wealth of experience in the intermediary market, to deliver new products, insights and services to our advisors," said Gerard J. McGraw, president of Fidelity Institutional. "His continuous focus on the needs of our intermediary clients as well the end investors they serve will further strengthen Fidelity’s focus on service excellence."

Couto reports to McGraw, who leads the Fidelity Investments business that offers clearing, custody and investment management products to help financial professionals, institutions and other intermediaries service their clients and grow their businesses.

Prior to joining Fidelity in 2009, Couto served in multiple roles of increasing responsibility with Evergreen Investment Management Company, LLC. Most recently, he served as chief operating officer and was responsible for leading the U.S. intermediary business, including mutual funds, separately managed accounts, sub-advisory and retirement markets. Before joining Evergreen, Couto served in a number of product management and investment strategy capacities for Liberty Funds in Boston.

About Fidelity Investments
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of more than $3.6 trillion, including managed assets of more than $1.6 trillion, as of June 30, 2011. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.
### Fidelity Investments Institutional Services Company, Inc.
100 Salem St., Smithfield, RI 02917 589050.1.0
© 2011 FMR LLC. All rights reserved.
i As of December 31, 2010.
ii As of June 30, 2011.

 

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