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.

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