Thomas Tesauro, an industry veteran of Goldman Sachs, Citigroup and Smith Barney, has joined Fidelity Capital Markets as executive vice president.
In this new role, Tesauro will be responsible for developing and implementing the strategic business plan, as well as managing the day-to-day operations, for Fidelitys prime brokerage business.
He will report to Mark Haggerty, president of Fidelity Capital Markets. James Coughlin, senior vice president and head of Prime Sales, and Stephen Richard, senior vice president and head of Prime Account and Product Management, will report to Tesauro.
Before joining Fidelity, Tesauro was managing director at S3 Partners, a firm that provides specialized securities lending services to hedge funds.
Prior to S3 Partners, Tesauro spent nearly 15 years at Citigroup and Smith Barney, where he most recently served as managing director and co-head of the companys Global Prime Finance business. Tesauro began his career at Goldman Sachs, where from 1989 to 1994 he managed the firms Securities Lending business.
Driven by unprecedented market volatility, and uncertainty surrounding many of the Streets traditional prime brokers, a growing number of hedge funds are shifting assets to strong, reputable firms like Fidelity, said Haggerty. Tom will draw on his 25 years of experience working with hedge funds to help us successfully meet the needs of our growing client base.
Our Prime Services business is an important focus for Fidelity and Toms appointment underscores our commitment to strengthening our position in this market, said Haggerty. Tom will lead a very talented management team that will focus on ensuring our clients have access to the people and trading solutions they need to efficiently manage their sophisticated trading strategies.