Fidelity Names Thomas Tesauro to Head Prime Services

Fidelity Capital Markets named Thomas Tesauro as EVP of its Prime Services Business in a move to grow its prime brokerage business given that many hedge funds are shifting away from traditional firms. Tesauro will be responsible for developing and implementing the strategic business plan, as well as managing the day-to-day operations for Fidelity’s prime-brokerage business.

Tesauro brings more than 25 years of experience in the prime brokerage and equity finance markets that includes former leadership roles at Citigroup and Goldman Sachs. He will report to Mark Haggerty, president of Fidelity Capital Markets, the institutional trading division of Fidelity Investments. James Coughlin, SVP and head of prime sales, and Stephen Richard, SVP and head of prime account and product management, will report to Tesauro.

“Driven by unprecedented market volatility, and uncertainty surrounding many of the Street’s traditional prime brokers, a growing number of hedge funds are shifting assets to strong, reputable firms like Fidelity,” stated Haggerty in the release. “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,” added Haggerty in the release.

Prior to joining Fidelity, Tesauro was managing director at S3 Partners, a firm that provides specialized securities lending services to hedge funds. Previously, Tesauro spent nearly 15 years at Citigroup and Smith Barney, where he most recently served as managing director and co-head of the company’s Global Prime Finance business. Tesauro began his career at Goldman Sachs, where from 1989 to 1994 he managed the firm’s securities lending business.

In a statement, Haggerty said, “ Our Prime Services Business is an important focus for Fidelity and Tom’s appointment underscores our commitment to strengthening our position in this market.”

Fidelity Prime Services handles securities lending, execution, financing, reporting, clearing and custody for sophisticated institutional investment managers, including hedge funds, who mainly employ long and short domestic equity trading strategies.

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