Fidelity's Canadian subsidiary has reached into the ranks of the Canadian banking industry to hire its new president, Jeff Carney, who also brings to his job extensive experience in the distribution side of the wealth management industry.

The appointment of Carney, 38, which was effective April 2, reflects the recent strategic effort by Fidelity Investments Canada of Toronto to diversify beyond its core fund management business into other areas, particularly intermediary services.

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