Fidelity Investments is investing $100 million to spin off its institutional investment arm in an effort to rein in new assets from pension funds, endowments and other large foundations.

The Boston-based mutual fund giant, already known for its strong retail presence, is launching a separate company to manage more than $102 billion in institutional money invested by corporate and public employee pension and retirement funds. It will eventually be split from Fidelity Management & Research, the parent company that oversees Fidelity's mutual funds.

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