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Executive Moves


Fidelity Hires Cieszko as Institutional Services Chief

Fidelity Investments has hired former Evergreen Investments Chief Executive Officer Peter Cieszko as president of Fidelity Investments Institutional Services Company. In his new role, Cieszko will manage $272 billion in assets and oversee 44,000 advisers. He will report to Michael K. Clark, president of Fidelity Institutional Products Group.

"We are aggressively building a market-leading organization serving a diverse set of intermediary markets that has the scale, flexibility and innovative capabilities needed to win in a turbulent and changing business environment," Clark said.

Cieszko had been with Evergreen since 2006 and was selected to be its next president and CEO, but suddenly left last month "to pursue other opportunities" after Evergreen's parent company, Wachovia, was acquired in October by Wells Fargo.

Fidelity also announced the appointment of former Citigroup Managing Director Ed Orazem to the office of president of Fidelity Family Office Services. Orazem will begin in February and report to Charles G. Goldman, president of institutional platforms for Fidelity Institutional Products Group.

"Peter and Ed are strong and experienced managers with proven success in leading organizations and ensuring that businesses can grow effectively, efficiently and aggressively, while at the same time maintaining a laser-like focus on improving the customer experience," Clark said.

Morgan's Mazzilli Joins IndexIQ as Senior Adviser

Paul Mazzilli, formerly executive director and head of the exchange-traded fund research team at Morgan Stanley, has joined IndexIQ as senior adviser, in charge of developing products for high-net-worth investors.

With 35 years of experience in investment management, Mazzilli is widely regarded as one of the leading analysts on ETFs and closed-end funds. He worked at Morgan since 1975, where he excelled at various positions, including as head of strategic equity portfolios and asset allocation models using ETFs.

"Paul Mazzilli is one of the leading analysts in the rapidly evolving field of exchange-traded funds and represents a very strong addition to the IndexIQ team as we build upon our leadership in the alternative investment space," said IndexIQ CEO Adam Patti. "Given Paul's longtime expertise in developing sophisticated asset allocation models, we are excited to work with him in developing products for the adviser community, and we are pleased to have Paul's vision and insight as a member of our team."

Top Staffer Leaves SEC to Practice at AlixPartners

Susan Markel, chief accountant for the Securities and Exchange Commission's enforcement division, will leave the agency this month after 14 years of service to become a managing director in the corporate investigations practice of AlixPartners, a global business advisory firm.

"For more than 14 years, Susan Markel has brought both expertise and insight to financial fraud investigations," said Linda Chatman Thomsen, director of the SEC's division of enforcement. "Her instincts are superb, and her investigative abilities are unparalleled. As the chief accountant for the division, her leadership and integrity were tremendous assets to the Commission and investors."

Markel has participated in several major enforcement actions, including financial fraud cases against Xerox, KPMG, Cendant, WorldCom and Cardinal Health.

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