Fidelity Investments announced Wednesday it has hired Mark Friebel as head of asset allocation at Pyramis Global Advisors, its division running institutional funds. He reports to Young Chin, Pyramis’ chief investment officer.

Friebel comes to Fidelity from Barclays Global Investors, where he was head of the asset allocation and product strategy group.

“Mark’s appointment is the latest in a series of key additions to our team as we build a world-class investment organization,” said Peter J. Smail, Pyramis president, in a statement. “His experience and recognized expertise will be enormously helpful in addressing the growing interest among our clients for Pyramis to build investment capabilities that utilize the full breadth of our products.”

As of the end of June, Pyramis had $129 billion under management. Fidelity aims to have Pyramis play an important role in doubling its total $1.3 trillion in assets within a decade, and in April, Smail said he planned to hire another 25 executives.

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