Deals & People September 22, 2008

Fidelity Reports 55 New Clients for RIA Custodian Service

Fidelity Investments said 55 new “breakaway brokers″ have selected the company as the custodian for newly established independent registered investment advisory (RIA) firms.
Reported by

The new business brings more than $7 billion in new assets in the first six months of this year, which more than doubled the assets for new breakaway clients during 2007, according to a Fidelity release.

Fidelity offers several services for breakaway brokers (see Fidelity Expands Program for Brokers Going Independent). The company is soon launching the Fidelity WealthCentral brokerage workstation (see Fidelity Integrates Wealth Management Systems into One Workstation), and recently launched the HybridOne offering for dually registered advisers (see Fidelity’s HybridOne Manages Both Commission and Fee Business).

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More information is available at fiws.fidelity.com.

Deals & People September 22, 2008

Report: Krawcheck to Exit Citi

Sallie Krawcheck is expected to leave her post as the head of Citigroup Inc’s wealth-management unit, The Wall Street Journal reported Monday.
Reported by

The WSJ said the departure marks a broader corporate restructuring that will place the wealth-management unit, including Smith Barney, within the institutional clients group. It is unclear where Krawcheck, who started at Citigroup in 2002, will go next.

Michael Corbat, the head of the corporate and commercial bank within Citigroup’s investment-banking division, is expected to replace Krawcheck, according to the news report. Corbat will report to John Havens, head of the institutional client group.

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The newspaper noted that Krawcheck “is perhaps the highest-profile woman on Wall Street.’ She previously ran independent brokerage firm Sanford C. Bernstein & Co.

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