Bank of America has hired a Fidelity Investments executive to run its business retirement solutions unit.

Bill Carey, who led national accounts for Fidelity Investments Institutional Services, has been named national executive of the BoA unit. He will oversee the development and delivery of 401(k), defined benefit and institutional custody products.

He will report to Cary Grace, the midmarket institutional executive in the newly formed Bank of America Retirement and Global Wealth and Investment Management Client Solutions Group.

Carey joined Fidelity in 1993 in the Boston company’s corporate 401(k) division as national sales manager for Fidelity Investments Institutional Services’ emerging corporate market group.

In 2003 he was named president of Fidelity Investments Institutional Services. Later he was named president of Fidelity Registered Investment Advisor Group, which provides wealth management, custody and brokerage services to registered investment advisors and third-party administrators.

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