Another mutual fund company has reached into the banking industry for talent.
On Wednesday National Financial Correspondent Services, the clearing arm of Fidelity Investments, said it hired Elizabeth J. Fisher, the former head of Union Bank of California's broker-dealer unit, to spearhead its marketing effort.
The announcement came one day after Invesco Funds Group in Denver said it tapped Mark H. Williamson, NationsBank Corp.'s consumer investments executive, to succeed its president, Daniel J. Hesser, who is due to retire at yearend.
Ms. Fisher had been president and chief executive officer of UBOC Investment Services until last May, when she took a six-month leave of absence for personal reasons, said Richard W. Smiley, her successor.
A banker who launched her financial career at National Financial, Ms. Fisher was instrumental in establishing Union Bank's brokerage business 14 years ago, Mr. Smiley said. In 1983 the San Francisco-based bank lured her away from the Fidelity unit after she paid Union a sales call.
"Apparently they struck it off, and she ended up being hired by the bank," said Mr. Smiley, who had been UBOC Investment's chief operating officer until he succeeded Ms. Fisher.
At Fidelity, Ms. Fisher will be responsible for marketing a range of financial products, including Fidelity's mutual fund marketplace, cash management products, wrap-products, and annuities, to its correspondent clearing clients.
As a former customer, Ms. Fisher brings "tremendous balance and perspective in helping us develop our strategy and implementing products and programs for our clients," said John J. Mulherin, president of National Financial Correspondent Services.
Mr. Mulherin said National Financial controls 38% of the bank brokerage clearing market-the industry's largest share. The firm has 60 bank correspondent clients and counts NationsBank, Chase Manhattan Corp., and BankBoston Corp. among its customers, he said.
Ms. Fisher had joined National Financial as an account manager in 1979 after graduating from Boston College. In her new role, she will report directly to Mr. Mulherin.
Ms. Fisher could not be reached for comment.
