The family office business of Fidelity is getting a new boss as its predecessor retires at the start of July.

Fidelity's family office business has a new chief in the form of Andy Fay, who takes over from Ed Orazem, who retires at the start of July 1 after leading this part of the operation for eight years.

Fay is a 16-year veteran of Fidelity, it said in a statement. The announcement was made by Fidelity Clearing & Custody Solutions, the division of Fidelity Investments that provides clearing and custody to registered investment advisors, family offices, retirement recordkeepers, broker-dealer firms, banks and insurance companies.

The firm paid tribute to Orazem, whose leadership of the family office business has coincided with a rise in assets from $15.6 billion in 2009 to $107 billion today. There are more than 360 single-family, multi-family and wealthy family clients served by this business.

Fay was part of the original team that started the family office offering in 2003 and has served as head of national sales for the last eight years, recently opening the Westlake, TX office for the business.