Mirchandani succeeds Norman Malo, who announced his retirement earlier this year. He will report to Charles G. Goldman, president of Institutional Platforms, Fidelity Investments.

Prior to his new position, Mirchandani was president of Products and Marketing for Fidelity's Personal and Workplace Investing business. In this role, he led product and marketing strategies to create industry leadership in brokerage, online trading, advisory services and personal retirement provided to more than 19 million Personal and Workplace investors.

"Sanjiv is a proven strategic leader and business builder whose appointment reinforces Fidelity's commitment to the clearing business and our clients," said Goldman. "National Financial's clients will benefit from Sanjiv's strong brokerage industry knowledge, commitment to service excellence and deep understanding of the needs of retail investors, who ultimately are the customers that broker/dealers serve every day."

"Sanjiv will lead a talented management team, which will look for new and innovative ways to leverage the strengths and capabilities of the Fidelity organization to enable National Financial to help clients efficiently and effectively build their businesses during these challenging economic times," said Goldman.

"I have been leading various aspects of Fidelity's retail brokerage operations for a number of years, experience that has provided me with a strong understanding of investor behavior, brokerage delivery models, managed accounts and trading platforms," said Mirchandani. "Additionally, given that National Financial provides clearing services for our retail business, I have a true customer perspective as I look ahead to this opportunity -- insight that will be important as we work with our clients to help them navigate a fluid market environment and better position their companies for growth."

Prior to his role as president of Products and Marketing for Fidelity's Personal and Workplace Investing business, Mirchandani was executive vice president of Brokerage and Asset Management Products within Fidelity's personal investments business. He has also served as general manager for Fidelity's retail retirement business, which includes contributory IRAs, Rollover IRAs, self-employment plans and pre-retiree services.

Mirchandani joined Fidelity in 1994, after spending six years at the American Express Company and working for Citibank's consumer bank division.