Pyramis Global Advisors, Fidelity Investments' institutional money management unit, has tapped Mark Friebel as head of asset allocation, a newly created role. Friebel reports to Young Chin, chief investment officer.

Most recently, Friebel served as head of the asset allocation and product strategy group at Barclays Global Investors.

Assets under management at Pyramis, which was formed last year, totaled roughly $129 billion at the end of June.  

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