View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
  2. Strategy
February 14, 2014updated 04 Apr 2017 2:30pm

Fidelity winds up private wealth management arm-report

American multinational financial services firm Fidelity has shut its private wealth management unit, Financial Planning has reported.

By Verdict Staff

American multinational financial services firm Fidelity has shut its private wealth management unit, Financial Planning has reported.

The move ends David Lamere’s stint as head of the firm’s private wealth management unit.

Lamere, who joined Fidelity in late 2012, was previously CEO of BNY Mellon Wealth Management.

"Given the success and maturity of this initiative the timing is right to fully integrate our new wealth management offering into our Global Asset Allocation and [Personal Investing] divisions to ensure we are best-positioned to meet the growing needs of Fidelity’s affluent client base," the publication quoted Fidelity spokesman Vincent Loporchio as saying.

Loporchio added that Roger Hobby, who most recently was president of Wilmington Trust’s northeast division, now heads a unit called Wealth Management, which is part of Fidelity’s Personal Investing division.

Before joining Wilmington Trust in 2008, Hobby spent 17 years working for Fidelity’s Family Office division.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International