Clark Steps Down from Fidelity Post

September 2, 2009 ( - Michael Clark, president of Fidelity Investments' institutional products group, has stepped down from his post.

Fidelity spokesman Steve Austin said Clark made the move “for medical reasons,” but refused to elaborate, citing restrictions on publicly discussing personnel matters.

Austin said Clark was taking a leave of absence, but declined to provide more details about whether Clark was expected to return to the Boston-based investment giant. Clark will remain available toFidelity president Rodger Lawson for consultations, Austin said.

Replacing Clark is Gerry McGraw, who has run the institutional products area’s operations and services unit. Clark has been with Fidelity since October 2007.

The institutional products group includes the firm’s National Financial securities clearing unit, its Institutional Wealth Services custody business for independent advisers, its family office business, and its risk and brokerage technology functions.