Michael Clark, the member of the executive committee of Fidelity Investments with responsibility for, among other things, its family office business, has been replaced as president of the firm's institutional products group after leaving the firm for medical reasons, according to Investment News.

A Fidelity spokesman did not go further into Mr Clark's departure, but did say that he has been permanently replaced in his position by Jerry McGraw, who has run operations and services for the institutional products area for the past six years.

Hired in October 2007, Mr Clark managed the firm's national financial securities clearing unit, its institutional wealth services custody business for independent advisors, its family office business and its risk and brokerage technology functions.

While at Fidelity, Mr Clark hired former Charles Schwab executive Charles Goldman to head the firm's registered investment advisory, clearing and family office businesses.