Fidelity Investments has promoted Derek Young to president of the company's Asset Allocation Division.

With more than $364 billion in assets, the division provides investment management services that include global asset allocation research, multi-asset class portfolio construction, third-party manager research, risk management and financial planning solutions.

Prior to his new position, Young was chief investment officer of Fidelity's Global Asset Allocation Group. Young joined Fidelity in 1996 as director of risk management for Fidelity Management Trust Company (FMTC). Since then he has held a variety of positions across Fidelity with increasing levels of responsibility and management oversight, including senior vice president of strategic investment services and marketing for FMTC, head of Fidelity's U.S. asset allocation committee, and co-manager of numerous mutual funds, including the Strategic Fund family and the Asset Manager Fund family. Before joining Fidelity, Young held various positions with KPMG, the Federal Reserve and Empire Financial Services.

Fidelity Investments is one of the world's largest providers of financial services, with assets under administration of more than $3.6 trillion, including managed assets of more than $1.6 trillion, as of June 30, 2011.