Pyramis Global Advisors^® Establishes Global Institutional Cash Services Business in London, Hires Peter Knight

New Cash Business Leverages Investment Management Resources of U.S.-Based Fidelity Investments’^® Recently Expanded London Fixed-Income Office

SMITHFIELD, RHODE ISLAND, USA -- Pyramis Global Advisors^®, a Fidelity Investments^® company and leading global institutional multi-asset class manager, today announced that it has launched a global institutional cash services business and hired Peter W. Knight as head of International Business Development, Money Markets. Knight will be based in London and will report to Kevin Uebelein, president of Pyramis.

In this newly created role, Knight will lead Pyramis’ efforts to develop a suite of international money market and cash management solutions, in some of the world’s major currencies. These offerings will be designed to meet the needs of global institutional clients, such as corporate and public defined- benefit plans and sovereign wealth funds.

“As we continue the aggressive expansion of our global capabilities in non-U.S. dollar securities analysis and portfolio management, we are very excited to welcome an individual with the experience and talent of Peter,” said Uebelein. “Peter’s distinguished track record in successfully designing, building and leading global investment businesses will be critical in the development of our global cash business and to delivering solutions that help meet the distinct needs of institutional clients globally.”

In building this business, Knight will leverage the vast research, trading and portfolio management resources of U.S.-based Fidelity Investments’ global Fixed-Income division, which manages more than $730 billion USD in fixed income assets, including approximately $500 billion USD in money market assets. Knight will partner with Bob Brown, president of Fidelity’s Money Markets business.

Knight brings more than 20 years of international investment experience to Pyramis, most recently as a consultant providing strategic and tactical advice to the global mutual fund industry. Previously, he served as managing director at HSBC Global Asset Management and CEO of its Global Cash Business. From 1999 to 2004, he served as managing director at JP Morgan Fleming Asset Management and CEO of its international cash and short-term investment business. Prior to JP Morgan, Knight served in a variety of Treasury and Money Management roles for Fidelity International. Knight co-founded and is past-President of the Institutional Money Market Fund Association (IMMFA). IMMFA is the trade body that represents the international money market funds industry.

About Pyramis Global Advisors
Pyramis Global Advisors, a Fidelity Investments company, delivers asset management products and services designed to meet the needs of institutional investors around the world. Pyramis is a multi-asset class manager with extensive experience managing investments for and serving the needs of some of the world’s largest corporate and public defined benefit contribution plans, endowments and foundations, insurance companies, and financial institutions. The firm offers traditional long-only and alternative equity, as well as fixed income and real estate debt and REIT investment strategies. As of March 31, 2011, assets under management totaled approximately $176 billion USD. Headquartered in Smithfield, Rhode Island, USA, Pyramis offices are located in Boston, Toronto, Montreal, London, and Hong Kong.

i As of June 30, 2011 Pyramis, Pyramis Global Advisors and the Pyramis Global Advisors Fidelity Asset Management logo are registered service marks of FMR LLC.

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