Massachusetts Dumps Fidelity Ending 35-Year Trust Deal
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Massachusetts is ending a 35-year banking relationship with a unit of Boston-based Fidelity Investments, one of the state’s largest employers, to cut costs.
Federated Investors Inc. will replace Fidelity’s Pyramis Global Advisors in providing management services for the Massachusetts Municipal Depository Trust, which oversees money for the state and about 290 local governments, state Treasurer Steven Grossman announced today. Pyramis has managed the funds for the trust since it was created in 1977, he said.