Fidelity Investments Institutional Brokerage Group has hired two executives to expand its correspondent clearing business in the Midwest and West, Jerry Canning, senior vice president of correspondent clearing at Fidelity, announced last week.
Canning said that the two were hired to take advantage of growing opportunities for correspondent clearing in those regions.
Daniel Hart is now regional vice president of sales for the Midwest, while Jeffrey Filimon is now vice president of relationship management. Filimon will concentrate on firms in the West.
Banks, small brokers and independent advisers show continued interest in outsourcing their clearing, Canning said. "It's a growing opportunity for us," he said.
Hart was a vice president at ABN Amro. He now reports to David Brown, senior vice president of relationship management at Fidelity.
Filimon, who came from the Pershing division of Donaldson, Lufkin & Jenrette Securities Corp., will help clients in the West develop customized growth strategies. He now reports to John Vanderheyden, a senior vice president of relationship management.
Both executives were hired last month, Canning said. Filimon succeeded Joseph Casey.