Fidelity to Expand Money Market Products in Global Currencies
Pyramis Global Advisors, a Fidelity Investments company, has launched a global institutional cash services business and hired Peter 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.
In building this business, Knight will leverage the research, trading and portfolio management resources of US-based Fidelity Investments’ global fixed-income division, which manages more than US$730bn in fixed income assets, including approximately US$500bn in money market assets. Knight will partner with Bob Brown, president of Fidelity’s money markets business.
Knight has more than 20 years of international investment experience, 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 chief executive officer (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.