AllianceBernstein, a US-based diversified investment management firm, has appointed Sharon Fay, head of value equities, as its new chief investment officer of equities, overseeing the teams responsible for the firm's growth and value investment services.

A 20-year veteran of the firm, Ms Sharon joined as a research analyst and then held a number of geographically diverse portfolio management positions – including chief investment officer of global value equities since 2003 – before being named head of value equities in 2009.

The firm also announced that Lisa Shalett, head of growth equities, will leave the firm to pursue another opportunity.

Peter Kraus, chairman and CEO of AllianceBernstein, said: “Sharon is an experienced investor with a proven track record of delivering superior investment results for our clients. She has demonstrated the leadership skills necessary to continue building and strengthening our style-pure equity platforms, as well as shaping them to meet the ever-changing needs of our clients around the globe.”