Ex-Citi Prime Brokerage Chief Joins Fidelity

Jun 3 2009 | 3:31am ET

The former co-head of Citigroup’s prime brokerage has joined Fidelity Investments to run the mutual fund giant’s business in the space.

Thomas Tesauro was ousted at Citi, along with his co-chief Ali Hackett, amidst a major shakeup of the troubled bank’s hedge fund services group. But he’s back in a similar role at Boston-based Fidelity, which hopes to boost its stock-lending and clearing services for hedge funds in an effort to make up for lower fees from its main money management business.

“Driven by unprecedented market volatility, and uncertainty surrounding many of the street’s traditional prime brokers, a growing number of hedge funds are shifting assets to strong, reputable firms like Fidelity,” Tesauro’s new boss, Fidelity Capital Markets President Mark Haggerty, said in a statement.

Tesauro jumps to Fido from S3, a New York-based risk management firm, which he joined in December.


In Depth

Q&A: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

 

From the current issue of

Business Insider has been reporting on the unusual trading activity of a mystery trader who placed a profitable short equity bet to the tune of $21 million on the Aug. 10 move in the CBOE Volatility Index (VIX).