Fidelity Creates RIA Client Experience Organization

Fidelity Institutional has formed a new centralized client experience organization to improve service for registered investment advisors, broker/dealers, traders and family offices.

Headed by Maggie Serravalli, the unit's first initiative is the formation of wealth service teams comprised of a client service manager and professionals from key functional areas, including transfer of assets, new accounts and money movement.

"Fidelity has always been focused on delivering exceptional client service using the best combination of people, processes and technology," said Gerard J. McGraw, president of Fidelity Institutional. "This new organization is a true industry differentiator and a good example of Fidelity's philosophy to continually look for new and better ways to enhance the overall client experience."

Serravalli was previously executive vice president, client experience for the operations and services group. Before joining Fidelity in 2007, she held senior management positions in the investment bank division of JPMorgan and its predecessor firms.

"I'm very excited about this organization, as it reinforces Fidelity's commitment of always delivering the best possible client experience," Serravalli said. "The enhanced RIA service model is a great example of this commitment. Each client now has access to a dedicated cross-functional team with an end-to-end view of their firm, allowing for faster response time, as well as the ability to offer creative service solutions."

Working together on specific client accounts from the same location, Fidelity's cross-functional teams will be able to gain a deeper level of knowledge and understanding about each client's business needs, goals, people and processes, she added.

Fidelity actually began using the model a few months ago, and has since found that 97% of client requests are completed in the agreed-upon timeframe.

NewOak Appoints Layton Co-Committee Chairman

NewOak Capital, an asset management and capital markets firm that helps institutions address the global credit markets, has appointed Donald H. Layton senior advisor and co-chairman of the investment committee. He will take a lead role in developing the firm's private equity vehicle for bank recapitalization investments, assisting in the identification and full evaluation of investment opportunities as well as providing ongoing advice regarding strategic and operational improvements for the banks in the firm's investment portfolio.

Layton was previously vice chairman of J.P. Morgan Chase, where he served for 29 years, and chairman and CEO of E*Trade Financial, from which he retired in December 2009. He has served as a senior advisor to the Securities Industry and Financial Markets Association and is a member of the Federal Reserve Bank of New York's Capital Markets Advisory Committee and the Massachusetts Institute of Technology Visiting Committee for Economics.

Moran Now Chief Sales, Marketing Officer for ICON

ICON Advisors, advisor to the ICON Funds, has hired investment management veteran Stephen Moran as chief sales and marketing officer. He comes to the firm from Merrill Lynch, where he served as vice president of client relationship management, providing 401(k) retirement planning and consulting services to some of the largest companies in the U.S. Before that, he was a partner and vice president of brand and product development for Invesco Funds.

"Steve's extensive experience in the adviser and institutional investment business makes him an excellent addition to our leadership team," said Craig T. Callahan, founder and president of ICON Advisers, upon announcing Moran's hiring.

(c) Copyright 2010 Money Management Executive and SourceMedia Inc. All rights reserved.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.