Pyramis Global Advisors, a subsidiary of Fidelity Investments, has launched a global institutional cash services business. The unit will be headed by the newly-hired Peter Knight, who was most recently a consultant to the global mutual fund industry.
Pyramis' goal is to develop a suite of international money market and cash management solutions. Those solutions, which will deal mostly in major currencies, will be geared toward global institutional clients, such as corporate and public defined-benefit plans and sovereign wealth funds, according to the Smithfield, Rhode Island-based firm.
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