Cuoto is the interim leader of the division and was previously the executive vice president for product management and marketing. Before joining Fidelity, he served as chief operating officer for Evergreen Investment Management Company and in various key roles at Liberty Funds in Boston. He reports to Gerard McGraw, the president of Fidelity Institutional. 

The name change reflects the division's increased focus on providing a wider range of investment management solutions to financial advisors and other institutional investors, the company said. The unit currently records around $385 billion in assets under management for around 4,000 institutions and 54,000 advisors.