Randall Merk was named president of Charles Schwab Investment Management; he will oversee $144 billion in Schwab mutual fund and money market fund investments. Mr. Merk reports to Jeff Lyons, executive vice president of asset management products and services. Mr. Lyons has been acting president of the investment management division for the last two years, said Lance Berg, a Schwab spokesman.
Mr. Merk was CIO and president of American Century Investment Management, a job he had held for about a year, said Chris Doyle, an American Century company spokesman. Mr. Merk, who was based in the company's Mountain View, Calif., office, said in a statement that he was leaving because "the 1,800-mile semi-regular commute between Mountain View and Kansas City kept me away from my family more than I anticipated."
Robert C. Puff Jr., chairman of the investment management subsidiary, will be American Century Investment Management's interim CIO and president. Mr. Doyle said American Century will actively seek a replacement for Mr. Merk once Mr. Puff returns from vacation this week.