Mutual fund giant Fidelity Investments has hired former Citigroup senior equities-division executive Robert DiFazio to head up its institutional trading arm, The Wall Street Journal reports.

DeFazio replaces Craig Messinger, who left Fidelity in March amid a management reshuffling at the trading unit, Fidelity Capital Markets, the newspaper said. Following Messinger’s departure, Jim MacGilvray took over as interim president.

In May 2003, DiFazio and Arthur Hyde, who had run Citigroup’s global equities unit, were replaced by Jim Forsee as part of the bank’s restructuring of its global equities business.

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