Fidelity Family Office Services provides technology and wealth management products and services to nearly 70 ultra high net worth family office clients representing more than $9 billion in assets.  Fidelity Investments Institutional Services manages $272 billion in assets, providing investment management services through more than 1,000 financial institutions and 44,000 advisors.

Mr Orazem joins the company in February and will report to Charles Goldman, president of Institutional Platforms for Fidelity Institutional Products. Mr Cieszko joins in January 2009, reporting to Michael Clark, president of Fidelity Institutional Products.

Mr Clark said: "Our Institutional Services and Family Office businesses are critical to our goal of positioning Fidelity as the premier destination for intermediaries to do business.

"Peter and Ed are strong and experienced managers with proven success in leading organisations and ensuring that businesses can grow effectively, efficiently and aggressively, while at the same time maintaining a laser-like focus on improving the customer experience."

Mr Orazem joins Fidelity from Citigroup, where he has served as managing director, Global Wealth Management, since 1995. Since 2006, he also has been responsible for the Citi Family Office, the UHNW product management arm of Global Wealth Management. He developed Smith Barney's Trust Company from a start-up to a national presence and managed the merger with Citi's Trust and Estates department to form Citigroup Trust. Additionally, he was responsible for the start-up of Smith Barney's Credit and Lending Department as well as the Private Capital Group. He also managed Citigroup Private Bank's Custody and Advisor Services, which provides custody service to family offices, high net worth investors and advisors.

Prior to joining Fidelity, Mr Cieszko was president and chief executive of Evergreen Investments, the investment management arm of Wachovia.