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Fidelity Moves Buy-Side Trader Brian Conroy to Head Up Capital Markets

Conroy succeeds Mark Haggerty, Fidelity Capital Markets' former president who was named head of new product development across Fidelity's institutional businesses.

Fidelity Investments has named Brian Conroy as president of Fidelity Capital Markets (FCM), moving the head buy-side trader to the firm’s securities trading and execution arm serving 20 million institutional and retail investors.

Conroy was previously head of global equity trading for Fidelity Management and Research Company (FMRCo.), the investment advisors for Fidelity’s family of more than 500 mutual funds with $1.6 trillion in asset under management as of the end of February.

“Having overseen fixed income and equity trading strategies for hedge funds and mutual funds throughout his 20-year buy-side career, Brian brings fresh insight to the capital markets group that will help continue the firm’s growth and deliver to clients high quality trading, execution and prime brokerage services,” commented Gerard McGraw, president of Fidelity Institutional, in today’s announcement.

Prior to joining Fidelity in 2005, Conroy was chief operating officer for Sigma Capital in New York, and has worked as director of execution trading for SAC Capital, the Connecticut-based hedge fund manager, and head of America's equity trading for ABN Amro. Conroy began his career as a senior equity trader at Goldman Sachs.

At the same time, Fidelity named FCM’s former president Mark Haggerty as head of new product development organization that spans across Fidelity’s institutional businesses. In this role, Haggerty will be responsible for developing sophisticated wealth management products for Fidelity’s institutional and intermediary clients, including correspondent broker-dealers, registered investment advisors and family offices.

Haggerty joined Fidelity in 1996, in the risk management and strategic planning group. After a succession of increasingly senior roles at FCM, he assumed the role of president in 2006. Prior to joining Fidelity, Haggerty worked for KPMG Peat Marwick.

“These appointments reflect our ongoing commitment to leveraging the intellectual capital from across Fidelity to deliver an exceptional client experience,” said McGraw, president of Fidelity Institutional, in the same prepared statement. “Working with two very strong management teams in these organizations, Brian and Mark will position Fidelity across multiple fronts to deliver to our institutional and retail customers the trading capabilities and wealth management solutions they need to help them achieve their goals.”

The release elaborated on Fidelity Capital Markets’ strong growth across its equity trading, fixed income and prime brokerage units. The firm now trades an average of nearly 700 million3 shares a day, largely driven by the addition of institutional asset manager and hedge fund clients. Haggerty, during his five-year tenure, was instrumental in building Fidelity’s prime brokerage offering, in addition to creating a new electronic brokerage platform and building out Fidelity Capital Market’s municipal underwriting team.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

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