UK - Pyramis Global Advisors has launched a global cash services business aimed at institutional investors, hiring Peter Knight to head up the new London-based venture.

In a statement, Pyramis - part of Fidelity Investments - said Knight would aim to develop "a suite of international money market and cash management solutions", targeting a number of global currencies.

It added that it hoped to target both corporate and public pension schemes with the new vehicles.

Kevin Uebelein, president, said he was excited to welcome Knight at a time of "aggressive expansion" by Pyramis.

"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," he said.

Knight was most recently a consultant, having worked at HSBC Global Asset Management as chief executive of its global cash business in the past.

He has also spent several years at JP Morgan Asset Management as head of its international cash and short-term investment business, with more than a decade of experience gathered at Fidelity Investments between the late 1980s and 1999.

Additionally, he has acted as chairman of the Institutional Money Market Fund Association, also acting as chair of its advisory board.