Cetera Holdings, the parent company of the Cetera Financial Group broker-dealer network, has named former Fidelity Investments executive Michael Durbin as its new chief executive officer.

Durbin will also serve as a member of the Cetera board of directors. Adam Antoniades will continue to serve as CEO of Cetera Financial Group and as a member of the board of directors.

Prior to joining Fidelity, Durbin held various executive positions at Morgan Stanley, including COO of the National Sales Division of Global Wealth Management, head of International Private Wealth Management and Chief Strategic and Risk Officer for the Global Individual Investor Group.

“Cetera is in a position of strength and poised to capitalize on today’s opportunities, and Mike is well qualified to lead the organization to and through its next chapter of success,” said Tony Salewski, managing partner at Genstar Capital, which took a $1.7 billion majority ownership in Cetera in 2018.

In December 2022, Durbin stepped down as head of Fidelity Institutional, a position he had held since October 2017. Fidelity named Vadim Zlotnikov, who was running its institutional asset management business, as Durbin’s successor.

Based in LA and founded in 1983, Cetera has approximately 8,000 affiliated advisors and about $116 billion in assets under management and $330 billion in assets under administration.