Fidelity Names President of Asset Allocation Division

Young replaces Boyce I. Greer, who was recently promoted from the position to head of Institutional Investments for Fidelity Asset Management and vice chairman of Pyramis Global Advisors.Young will report to Greer.

Young has been with Fidelity for fifteen years, previously serving as chief investment officer of Fidelity’s Global Asset Allocation Group. He also worked as a manager in the Risk Strategy Consulting Practice for KPMG, a senior financial analyst and later a supervisory financial analyst for the Board of Governors of the Federal Reserve, and began his career as a vice president at Empire Financial Services in 1986.

The Asset Allocation Division holds more than $364 billion in assets, Fidelity reports, and provides a range of investment management services – including global asset allocation research, multi-asset class portfolio construction, third-party manager research, risk management, and financial planning solutions – to help its clients achieve their investment objectives.

“Derek is a proven leader with extensive experience managing investment activities on behalf of retail and institutional clients across multiple asset classes,” said Greer. “[He] will lead a talented team that will continue to focus on providing Fidelity’s institutional, intermediary and retail clients with the innovative multi-asset class and custom solutions they need to help achieve their distinct investment goals.”