The chief financial officer at Fidelity is retiring at the end of the quarter, prompting some changes in leadership and the launch of a new team.

Fidelity Investments has assigned new roles to two of its senior leaders, and has created a finance and brokerage operations team, as part of a planned executive transition at the firm.

Gerard McGraw, currently president of Fidelity Institutional, has been named chief financial officer of Fidelity and will lead the new finance and brokerage operations team.

While the finance and brokerage functions were already in place at Fidelity, the new team is an alignment of existing functions under one umbrella, the firm told Family Wealth Report. "The move is designed to drive even deeper connections between the central finance function and business unit finance organizations and to continue to ensure the highest level of operational and technology service for our all of our clients," a spokesperson said.

McGraw will continue to report to Abigail Johnson, president and chief executive, and serve on the board of directors of FMR, Fidelity's parent company.

The move comes as Alan Scheuer, Fidelity's CFO for the past nine years, is to retire at the end of the quarter.

Meanwhile, Jeffrey Lagarce - currently president of Fidelity Institutional Asset Management - has been named president of Fidelity Institutional, succeeding McGraw. He will report to Johnson and join Fidelity's operating committee.

McGraw has led Fidelity Institutional since mid-2009; he previously ran the operations and service group from 2003 to 2009, having joined the firm in 1996.

Lagarce most recently led the newly-created FIAM team, a $500 billion AuM business (see an article about the launch here), and has been a senior leader in several Fidelity businesses, including Workplace Investing and Fidelity Management Trust Company.

He also led distribution efforts with intermediaries during two different stints for Fidelity in Europe. He also joined Fidelity in 1996.