Friday SWFI News Roundup, October 16, 2015
Bye Pyramis, Fidelity Rebrands Institutional Business
Asset manager giant Fidelity Investments combined divisions: Pyramis Global Advisors, Fidelity Financial Advisor Solutions and its consultant relations team from Fidelity’s professional services group to form a new unit. Pyramis will cease as a brand. The new unit will be called Fidelity Institutional Asset Management and will manage a combined US$ 540 billion in assets under administration. Former President of Pyramis Jeffrey Lagarce will lead Fidelity Institutional Asset Management. Lagarce will report to Gerard McGraw, president of Fidelity Institutional. The equity team at Pyramis will be renamed FIAM equity and remain under the asset management division at Fidelity.
Mubadala and Trafigura Finalize Base Metals Joint Venture
Abu Dhabi-based Mubadala Development Company and commodities firm Trafigura Group Ptd Ltd formed a 50:50 joint venture company to invest in the base metals mining sector. Part of the deal included Mubadala buying a 50% share of Trafigura’s flagship mining operation Minas de Aguas Teñidas. Minas de Aguas Teñidas controls the Agua Teñidas, Sotiel and Magdalena mines in southern Spain which produce copper, zinc and lead concentrates.
Cleveland Clinic Foundation Hires CIO
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