01.23.26

Fidelity Taps Insider Richard To Head $5.1T Clearing and Custody Unit

by: Financial Advisor

Fidelity has promoted longtime executive Stephen Richard to lead Fidelity Institutional Wealth Management Services, overseeing its $5.1 trillion clearing and custody business serving more than 3,300 clients. Richard, a 27-year veteran of the firm, previously led Fidelity’s prime brokerage unit for 16 years and has held roles across retail investing, risk management and capital markets. Reporting to Fidelity Institutional head Vadim Zlotnikov, he will oversee both clearing and custody operations, with senior leaders for broker-dealers and registered investment advisors reporting to him. Fidelity said Richard’s deep institutional experience positions him to support wealth firms as the industry evolves.

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