UPDATE 1-Fidelity's Pyramis hires Prudential exec as CEO

(Adds Fidelity president's quotes, background)

BOSTON, June 19 (Reuters) - Pyramis Global Advisors, the institutional unit of Fidelity Investments, said on Thursday it has hired Kevin Uebelein from Prudential Financial (PRU.N) as its president and chief executive.

Uebelein, who spent 22 years at Prudential including the last seven as chief investment officer for its international businesses, succeeds Peter Smail, who retired earlier this year.

"As the business develops new offerings and builds out its global distribution capability, Pyramis will become an even more critical part of Fidelity's future plans," Fidelity President Rodger Lawson said in a statement.

Lawson himself came to Fidelity, the world's largest mutual fund company, from Prudential last year.

Uebelein will start at Pyramis in late June and report to Michael Wilens, who is joining Fidelity as head of asset management in mid-July. Fidelity last week announced the hiring of Wilens from Thomson Reuters (TRI.TO) TRIL.L(TRI.N).

Pyramis had $157 billion in assets under management as of March 31. Privately owned Fidelity manages $1.6 trillion in assets overall. (Reporting by Muralikumar Anantharaman; editing by John Wallace and Steve Orlofsky)