Charles Schwab has found an executive to fill the shoes of Jerry Chafkin and run its mutual fund unit. The hiring has also left American Century seeking to fill a president's slot.

Chafkin left the post to run the San Francisco firm's brokerage firm's advice products and services area.

The new hire is Randall Merk, 48. He joins the firm from American Century where he was president and chief investment officer. He takes the title of president of Charles Schwab Investment Management and reports to Jeff Lyons, executive vice president.

Merk said he left American Century for personal reasons.

"While American Century is a great company with a strong investment management tradition, I decided it was time to take on some new and different challenges a bit closer to my home in California," said Merk. "Frankly, the 1,800-mile semi-regular commute between Mountain View and Kansas City kept me away from my family more than I anticipated. I leave American Century grateful for all of the support and opportunities provided to me over the years."

In his new job Merk, 48, will oversee all aspects of Charles Schwab Investment Management, including $144 billion in Schwab's proprietary mutual funds and money market funds. He will also head Schwab's Portfolio Management, Fund Administration & Business Management, CSIM Legal and CSIM's Investment Technology Solutions groups.

Merk's official start date at Schwab is in early September.

American Century announced that Robert C. Puff Jr., current chairman of the investment management subsidiary, will reassume the duties vacated by Merk. Puff held both the president and CIO positions prior to Merk's promotion last year.

The post directs an organization of 280 professionals located in Kansas City, NYC, Mountain View, California and Singapore managing $75 billion in assets.  

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