Ren Cheng will be taking over chief investment officer for Fidelity's lifecycle and asset allocation funds. The post is newly created. The funds now account for $130 billion, or nearly 9 percent, of Fidelity's AUM. Before the promotion Tuesday, Cheng was a portfolio manager for Fidelity's Freedom funds and head of the lifecycle investment group. He will oversee a team of 12 portfolio managers and analysts. Reuters reports that Christopher Sharpe is now co-manager of the Freedom funds succeeding Cheng. 

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