Fidelity Investments says it has renamed its Institutional Services unit and appointed Scott E. Couto (right) as president, succeeding Peter Cieszko, who left the company at the end of January.
The group’s new name is Fidelity Financial Advisor Solutions. Company spokesman Stephen Austin said it wasn’t being restructured; the unit was retitled to reflect its larger focus on providing investment management services to FAs and institutional investors. Fidelity said it works with more than 4,000 financial institutions and 54,000 advisors, with assets under management of $385 billion.
Couto, who had been interim head of the unit, will answer to Fidelity Institutional President Gerard J. McGraw. Couto has 20 years in the asset management industry. He joined Fidelity in 2009 and became executive vice president, product management and marketing, and later interim leader after Cieszko left.
Prior to Fidelity, Couto had worked at Evergreen Investment Management Company, LLC, rising to the rank of chief operating officer. He was responsible for leading the U.S. intermediary business, including mutual funds, separately managed accounts, sub-advisory and retirement markets. Before joining Evergreen, Couto held product management and investment strategy roles at Liberty Funds in Boston.