Fidelity Investments today named Derek L. Young as president of its Asset Allocation Division, company officials said.

Young succeeds Boyce I. Greer, who was recently named head of institutional investments for Fidelity Asset Management and vice chairman of Pyramis Global Advisors. Young will report to Greer.

With more than $364 billion in assets, Fidelity's Asset Allocation Division provides global asset allocation research, multi-asset class portfolio construction, third-party manager research, risk management and financial planning solutions, according to Fidelity.

"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," said Greer. "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."

Prior to his new appointment, 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. Prior to joining Fidelity, he was a manager in the Risk Strategy Consulting Practice for KPMG. From 1991 to 1995, he worked for the Board of Governors of the Federal Reserve as a senior financial analyst and then as a supervisory financial analyst. Young began his career as a vice president at Empire Financial Services in 1986.