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.

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