Fidelity Investments Institutional Brokerage Group had hired two executives to expand its correspondent clearing business in the Midwest and West, Jerry Canning, senior vice president of correspondent clearing at the Boston-based company said on Thursday.
Canning said that Daniel Hart in the new post of regional vice president of sales for the Midwest and Jeffrey Filimon vice president of relationship management were hired to exploit growing opportunities for correspondent clearing in those regions.
Banks, small brokers, and independent advisers show continued interest in outsourcing their clearing, Canning said. "Its a growing opportunity for us," he said.
Hart was a vice president at ABN Amro Inc. in Chicago, where he will remain, reporting to David Brown, a Fidelity senior vice president of relationship management.
Filimon, who came from the Pershing division of the Donaldson, Lufkin & Jenrette Securities Corp., is to help clients in the West develop customized growth strategies. He is based in San Francisco and now reports to John Vanderheyden, a senior vice president of relationship management.
Both executives were hired last month, Canning said. Mr. Filimon succeeded Joseph Casey.
