Vadim Zlotnikov was named head of the global asset allocation division at Fidelity Investments.
The division is responsible for the Fidelity Freedom target-date funds and the Fidelity Institutional Asset Management target-date series, as well as other asset-allocation mutual funds. The division managed approximately $440 billion in assets as of Dec. 31, according to a Fidelity news release Wednesday.
Mr. Zlotnikov succeeds Nancy Prior in this position. Previously, Ms. Prior had been in charge of both the fixed-income and global asset allocation divisions, said Adam Banker, a Fidelity spokesman, in an email. "Nancy will continue in her role as president, fixed income, and also will continue to lead (Fidelity Institutional Asset Management) equity," he wrote.
Mr. Zlotnikov reports to Charles Morrison, president, asset management.
A spokesman for AllianceBernstein said Mr. Zlotnikov's responsibilities will be assumed by Daniel Loewy, who has been co-head and chief investment officer of the firm's multiasset business since it was created in 2013.
"Dan is a 22-year veteran of AB who has successfully led the growth of our multiasset business to more than $100 billion in AUM," the spokesman wrote in an email. "We are confident that under his continuing leadership we will keep delivering and innovating for our clients."