The Depository Trust & Clearing Corporation plans to add a chairman of the board, with separate duties from that of its chief executive officer, Don Donohue.

The move is being made, it said, to put DTCC in keeping with global standards on corporate governance.

"Adding this important new leadership role builds upon DTCC's already strong corporate governance culture and provides a critical complement to Don Donahue-who continues as CEO-and his leadership team at a time when the financial world is undergoing unprecedented change," said Art Certosimo, presiding director of DTCC's board of directors.

The decision to separate the chairman and CEO roles is the outcome of discussions between DTCC's board and management, as well as a governance review completed this year. DTCC executive management proposed the separation.

The move comes at a time when DTCC has increasingly become involved in global business issues, particularly in Europe. The addition of the separate chairman promises better governance and improved management of risk.

DTCC has engaged Korn/Ferry International to conduct the search for a chairman and fill the post early in 2011.

DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions.

In 2009, DTCC settled nearly $1.5 quadrillion in securities transactions.


Fidelity Sales Chief Cieszko is Out

Peter Cieszko, president of Fidelity Investments Institutional Services, the distribution arm of Fidelity, left the firm at the end of December to "pursue other opportunities," Vin Loporchio, a company spokesman, said.

He will be replaced by Scott Couto, executive vice president of investment product management, who reported to Cieszko, as interim head of the division. Fidelity is actively seeking a replacement for Cieszko.

Cieszko is leaving Fidelity after just under two years. He joined in January 2009 from Evergreen Investments, where plans to name him chief executive officer were stalled when Wells Fargo acquired Evergreen's parent company Wachovia. Couto was with Evergreen for six years as senior vice president and managing director. Before that, he was with Columbia Management for 12 years as senior vice president, director of investment strategy.


Deseglise Rejoins HSBC as Head of Wholesale, N.A.

Christian Deseglise has rejoined HSBC as regional head of wholesale for global asset management, North America. Together with Gary Gordon, head of institutional business development for North America, he will be responsible for developing and distributing the product offering of HSBC Global Asset Management in North America.

Based in New York, he will report locally to Sylvia Coutinho, CEO of global asset management for the Americas, and functionally to Sri Chandrasekharan, global head of wholesale.

Deseglise brings extensive experience in the asset management business, including expertise in globally third-party distribution of emerging markets and Latin American funds. He has previously with BTG Pactual, where he was a partner in charge of business development for asset management. Prior to that, he was global head of emerging markets business at HSBC Global Asset Management. Before 2004, he worked in capital markets, debt advisory and asset management for emerging markets, starting his HSBC career in Paris in 1990.

"Christian's strong emerging markets credential will support our goal of establishing HSBC Global Asset Management as a leading emerging markets player in the North American market," Coutinho said.


Lincoln Financial Names Key Relationship Manager

Lincoln Financial Distributors has appointed Jason Key relationship manager for the institutional retirement solutions distribution (IRSD) consultant channel. Reporting to Marcela Curry, head of relationship management for IRSD, Key is charged with growing the business and supporting the field sales team through research, strategic planning and relationship development.

Key has more than 10 years of experience in sales and has held various positions at Lincoln Financial Group since 2002. He most recently was assistant vice president for the defined contribution business, a post he assumed in 2007. The previous year, he was southeast regional manager, and from 2002 to 2006, he served as a senior retirement consultant.


Wilmington Trust Adds Three in NE Expansion

Wilmington Trust has added three senior wealth advisers to its wealth advisory services team in Boston: Christopher T. Casey, Michael F. Hoyt and Beckett Wailes, all previously with Boston Private. Casey joins Wilmington as an investment adviser. He was a senior vice president, portfolio manager and director of equity research at Boston Private. Hoyt will serve as a portfolio manager, after serving as a SVP and senior portfolio manager at Boston Private. And Wailes has been named a portfolio manager, after previously serving as a SVP at Boston Private.

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