Financial Services Industry
Industry: Email Alert RSS FeedFast Track: Fidelity itches to compete in clearing biz.(News)
Investment News, May, 2003
Byline: Bruce Kelly Norm Malo says he understands the needs of a variety of broker-dealers, from independents to burgeoning regional firms. A veteran with 35 years' experience, the president of Fidelity Investments' New York-based correspondent clearing groups - National Financial, a marketing business, and National Financial Services LLC - has a lot on his plate.
Along with working on the unbundling of Boston-based Fidelity Investments Institutional Brokerage Group into three separate business units, he is also making sure that Fidelity's acquisition of New York-based UBS PaineWebber Inc.'s clearing business, Correspondent Services Corp., runs smoothly. With the acquisition of CFC, National Financial Services doubles its client list to...
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