The Wall Street Journal-20080124-Fidelity Veteran Smail to Retire
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Fidelity Veteran Smail to Retire
Fidelity Investments said Peter Smail, president of its Pyramis Global Advisors institutional-investment-management business, is retiring.
Mr. Smail, 55 years old, has been at Fidelity for 20 years and in 2005 helped launch Pyramis. As of September 2007, Pyramis managed about $162 billion in assets for institutional investors, including pension plans, foundations and endowments. Mr. Smail reports to Fidelity Chairman Edward C. Johnson III and is a member of Fidelity's Management Committee.
Mr. Smail is expected to remain in his job through the spring. After that, he will be a consultant to Fidelity and a member of Pyramis's board, Fidelity said. Fidelity President Rodger Lawson called Mr. Smail a "driving force behind Fidelity's institutional business" and said "he has earned the respect of clients and colleagues alike for his vision, energy, integrity and his drive to make our institutional businesses the very best."
