After folding the existing $72 billion in institutional pension assets Fidelity Investments had under management into Pyramis Global Advisors last year, Pyramis has since grown by another $20 billion through a combination of market appreciation and new business, The Wall Street Journal reports.

And the importance of this unit devoted to institutional clients, at Fidelity appears to be growing, particularly as sales of the firm's retail mutual funds are lagging those of Vanguard and American Funds.

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