Schwab announced that it has tapped Randall Merk as the new president of Charles Schwab Investment Management (CSIM).
Merk, 48, will oversee all CSIM activities including portfolio management, fund administration & business management, CSIM legal and CSIM’s investment technology solutions groups.
He will also be responsible for $144 billion in Schwab’s own mutual funds and money market funds, the company announced in a media release.
Merk joins Schwab from American Century Companies in Kansas City, where he was president and chief investment officer of American Century Investment Management, Inc. There he directed 280 people located in Kansas City, New York City, Mountain View, California and Singapore managing $75 billion in assets.
The new appointment takes effect in early September, Schwab officials said.
The post has been vacant for about two years, a spokesman said, with Jeff Lyons, executive vice president, asset management products and services, the acting president for CSIM.
Barclays’ Diamond Takes More Duties
In other investment-related moves, Barclays announced that Bob Diamond, chief executive of Barclays Capital, would take on the additional role of chairman of Barclays Global Investors, the UK bank’s investment management business.
The role of BGI chairman, previously held by Barclays
Chief Executive Matthew Barrett, will be in addition to
Diamond’s separate responsibilities as chief executive of
Barclays Capital, the bank said. BGI will remain a distinct
business unit within the bank.
In June, Barclays Global Investors named two Global Co-CEOs to succeed Pattie Dunn who is stepping down as Global CEO of BGI to focus on her recovery from breast cancer and melanoma.
A BGI announcement said Blake Grossman and Andrew Skirton would take over for Dunn. (See Dunn to Leave BGI Post Due to Health Problems ).
Grossman and Skirton report to Naguib Kheraj, deputy chairman of BGI, who in turn reports to Diamond, the bank said.
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