Fidelity hires former JPMorgan Chase executive

The former chief executive of JPMorgan Chase & Co.’s worldwide securities services unit, Michael K. Clark, will head Fidelity Investments’ institutional services business, the Boston mutual fund company said today.

Clark, 50, will report to Fidelity’s president, Rodger Lawson.

Clark joined JPMorgan in 1994 and became head of its institutional trust services business in 2000. In January 2005, he also became head of the company’s investor services unit. Later that year, JPMorgan combined both units into its worldwide securities services, with Clark as the CEO.
(AP)