Fidelity Hires Cieszko to Lead Institutional Services

Fidelity Investments has named former Evergreen Investments Chief Executive Officer Peter Cieszko to become the president of Fidelity Investments Institutional Services Company.

In his new role, Cieszko will manage $272 billion in assets and oversee 44,000 advisers. He will report to Michael K. Clark, president of Fidelity Institutional Products Group.

"We are aggressively building a market-leading organization serving a diverse set of intermediary markets that has the scale, flexibility and innovative capabilities needed to win in a turbulent and changing business environment,” Clark said.

Cieszko had been with Evergreen since 2006 and was selected to be its next president and CEO, but suddenly left last month "to pursue other opportunities" after Evergreen's parent company Wachovia was acquired in October by Wells Fargo.

Fidelity also announced the appointment of former Citigroup managing director Ed Orazem to the office of president of Fidelity Family Office Services. Orazem will begin in February and will report to Charles G. Goldman, president of institutional platforms for Fidelity Institutional Products Group.

“Peter and Ed are strong and experienced managers with proven success in leading organizations and ensuring that businesses can grow effectively, efficiently and aggressively, while at the same time maintaining a laser-like focus on improving the customer experience,” Clark said.