(Bloomberg) -- Fidelity Investments, the second- biggest mutual-fund manager, named Pam R. Holding chief investment officer for Pyramis Global Advisors, the unit that caters to institutional clients.
Holding will take over Jan. 1, replacing Young D. Chin, 56, Pyramis CIO since March 2006, who plans to retire, Jeff Cathie, a spokesman for the Boston-based firm, said today in an e-mail. Holding, who joined Pyramis in January as head of portfolio management, a new position, will report to Michael A. Jones, the unit’s chief executive officer.
“We are grateful for all that Young achieved while at Pyramis,” Cathie said. “His contributions have been recognized not only by us, but also by the industry.”
Traditionally focused on retail fund clients, Fidelity’s chairman and CEO Edward “Ned” Johnson III started Pyramis in 2005 to serve large investors, including corporate and public pension funds. It manages about $190 billion, or about 11 percent of Fidelity’s assets under management.
Holding, who oversaw global value equities at Boston rival Putnam Investments LLC from 2001 to 2009, earned a bachelor’s degree from Princeton University and an MBA from Harvard Business School.
Holding’s appointment was reported earlier by Pensions & Investments.