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.

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