Fidelity has brought together its institutional distribution and client service teams to form a single organization.

Fidelity Investments has created a new distribution and client service organization called Fidelity Institutional Asset Management aimed at consultants and institutional investors, by consolidating existing teams.

FIAM combines the distribution and client service teams from its Pyramis Global Advisors company and Fidelity Financial Advisor Solutions business, as well as the consultant relations team from its professional services group. It will work with clients including defined benefit and defined contribution plans, endowments and financial advisors.

Jeffrey Lagarce, who was most recently president of Pyramis Global Advisors, has been named as president of the newly-created FIAM, which will have $540 billion in assets under administration.

Lagarce will report to Gerard McGraw, president of Fidelity Institutional, while Scott Couto, president of Fidelity Financial Advisor Solutions, has been appointed as head of distribution, reporting to Lagarce.

Meanwhile, the Pyramis distribution team, which is moving under the Fidelity Investments brand, will be called FIAM equity.

Pam Holding will continue as chief investment officer of FIAM, reporting to Derek Young, who is vice chairman of FIAM, and president of the global asset allocation division within Fidelity's asset management organization.

Fidelity made no changes to the FIAM equity investment team.