US fund manager Fidelity Investments has plugged the gap at the helm of its institutional unit Pyramis Global Advisors as it rebuilds the business' management following a number of senior departures.

Kevin Uebelein replaces Peter Smail, who retired from his position as president of Pyramis earlier this year. Smail had worked at Fidelity for over 20 years and was responsible for launching Pyramis in 2005 - a move designed to separate Fidelity’s US institutional funds from its retail business in order to expand capacity. He continues to serve as a consultant to the business.