Fidelity Investments has named Ren Cheng chief investment officer of its lifecycle and asset allocation funds, Reuters reports. Formerly one of the portfolio managers of Fidelity’s Freedom line of lifecycle funds, Cheng now oversees $130 million in assets and 12 portfolio managers and analysts. Although he previously oversaw the group, he didn’t have the CIO title.

“The position of CIO is a new one, and with Ren no longer involved in the day-to-day management of the Freedom funds, this will allow him to focus on the strategic direction of the group as well as to develop new investment talent,” said Fidelity spokesman Alexi Maravel.

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