Fidelity Investments has promoted Derek L. Young from chief investment officer to president of the asset allocation division. He succeeds Boyce L. Greer, who recently became head of institutional investments for Fidelity Asset Management and vice chairman of Pyramis Global Advisors. Young now reports to Greer.

 The $364 billion unit provides a broad range of services to clients, including global asset allocation research, multi-asset class portfolio construction, third-party manager research, risk management and financial planning.

“A 15-year Fidelity veteran, Derek is a proven leader with extensive experience managing investment activities on behalf of retail and institutional clients across multiple asset classes,” Greer said. “Derek 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.”

Young joined Fidelity in 1996 as director of risk management for Fidelity Management Trust Co. Since then, Young has held a variety of positions with increasing levels of responsibility and management oversight, including senior vice president of strategic investment services and marketing for Fidelity Management Trust Co., head of Fidelity’s U.S. asset allocation committee and co-manager of several mutual fund families, including Strategic Funds and Asset Manager Funds.

Before joining Fidelity, Young was a manager in the risk strategy consulting practice at KPMG. From 1991 to 1995, he worked at the Board of Governors for the Federal Reserve as a senior financial analyst. He began his career as a vice president at Empire Financial Services in 1986.

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