Ex-Morgan Stanley exec named to take Jack Callahan's place at Fidelity IWS. Fidelity plans to put Michael Durbin, formerly a senior executive with Morgan Stanley, in charge of its Institutional Wealth Services (Fidelity IWS) division. He replaces Jack Callahan, who is moving into a senior spot in Fidelity's Personal and Workplace Investing business unit.

When he starts his new job early in 2009, Durbin will report to Michael Clark, president of Fidelity's Institutional Products group.

Commitment

Fidelity IWS, which provides custody and brokerage services to RIAs, trust companies and third-party retirement-plan administers "is an important focus for Fidelity and Mike's appointment underscores our commitment to strengthening our position in the marketplace," according to Clark. "Mike's experience in global wealth management, both at the advisor and high-net-worth investor levels, combined with his leadership and passion for client service, make him the right executive to further the significant momentum we have established in recent years."

Clark had been working at Morgan Stanley since 1990. Prior to his most recent role as COO for sales in the wirehouse's private-client group, he was in charge of the same group's market-markets activities, and before that he was head of its non-U.S. operations.

Fidelity IWS supports 3,500 institutions with assets over $335 billion. Among RIA custodians it's second to Schwab Institutional, which provides custodial trading support to about 5,500 RIAs with $575 billion in client assets.

Schwab Institutional has just been combined with Schwab Corporate & Retirement Services to form Schwab Institutional Services. Jim McCool, head of Schwab Corporate & Retirement Services since 2004, has been tapped to lead the newly combined business unit. Charles Goldman, a seven-year veteran of Schwab who replaced Deborah Doyle McWhinney as head of Schwab Institutional in May 2008, is leaving the firm. -FWR

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