Fidelity's new institutional money management unit, Pyramis Global Advisors
, will be staffed with approximately 50 managers and analysts, and handle $60 billion in assets, reports the Boston Globe
Fidelity also named executives to head the unit, reports the Boston Globe
in a Tuesday article. Jeffrey Saef
, ex-head of investment strategy at Putnam, will head institutional investment solutions; Steve Levinsky, who worked in systems operations at Fidelity will be senior vice president for human resources at Pyramis; Stephen Wong, head of Fidelity's financial systems in Japan will assume the role of chief technology officer; and Michael Howard
, of Fidelity Employer Services Co., will be chief financial officer.
Drew E. Lawton, chief executive of Fidelity Management Trust, divulged plans for the unit in a July 14 letter apparently addressed to clients.
Among the details include plans to tap existing Fidelity managers for the unit, which will only handle equity investments.
''As a member of the Fidelity family of companies, it will be backed by the full resources of one of the world's largest providers of financial services," wrote Lawton in the letter.
While the unit will begin operating out of a State Street office in Boston, Lawton indicated in the letter that Pyramis will be moved in 2008 to Smithfield, Rhode Island.
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