Fidelity hires two executives for institutional group

Fidelity Investments, the Boston mutual funds giant, said it hired two senior industry executives for its institutional products group, as the world's biggest mutual funds company targets advisors and other intermediary clients.

Peter Cieszko has been named president of Fidelity Investments Institutional Services Co., which manages $272 billion in assets and provides fund management services through financial institutions and advisors, Fidelity said in a statement today.

Cieszko was president and chief executive of Evergreen Investments, the funds arm of Wachovia Corp., which was bought by Wells Fargo & Co., the fourth-largest US bank by assets, at the turn of the year. Before Evergreen, Cieszko worked with money manager Legg Mason, Fidelity said.

Fidelity also said it had appointed Ed Orazem, former managing director of global wealth management for Citigroup Inc., as president of Fidelity Family Office Services, which provides wealth management products to ultra-high-net-worth clients, representing more than $9 billion in assets. (Reuters)