Fidelity Investments is starting up a new entity to serve institutional clients and other non-mutual fund business. The company has not yet announced a name or management team for the new business, however.

"These anticipated non-mutual fund investment activities will be held within a separate investment advisor/sub-advisor and managed by individuals separate from Fidelity Management & Research Co. (FMRCo)," said Abigail P. Johnson, president of FMRCo.

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