Douglas Kelly has been appointed the next president of fixed-income investment management firm Merganser Capital Management, part of the firm’s succession plan to replace Edward Bedrosian, the Annaly Capital Management subsidiary said today.

Kelly is currently the CIO of Mergenser. He will continue to oversee the firm’s investment process long with Assistant CIO Andrew Smock, a Nov. 9 announcement said. Bedrosian will serve as Chairman Emeritus through 2011.

Kelly joined Merganser in 1989 and has led the investment team for 10 years. Before joining the Boston-based investment manager, Kelly worked with American Can, where he was director of pension investments, and at Exxon Corp.

“Building the company has been one of my proudest achievements," Bedrosian said in the announcement, "and I am pleased to say that the Merganser franchise is being placed in capable hands. I have been grooming Doug for this role for some time, and he will be a great President. He and Andy lead some of the best investment minds in the business. Most importantly, I move on secure in the knowledge that the association with Annaly will enable Merganser to continue to deliver outstanding performance and service to our clients."

Bedrosian founded Merganser in 1985 and built it into a leading boutique fixed-income management firm for institutional investors. The firm offers ABS, cash enhancement, short-term bond, intermediate bond, core bond, and inflation-protected strategies, as well as customized product portfolios.

Merganser was later acquired by Annaly, which manages assets on behalf of institutional and individual investors worldwide, in October 2008.

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