Fifth Third Bancorp (Nasdaq: FITB) today announced that Mitchell Stapley has been promoted to chief investment officer for Fifth Third Asset Management (FTAM) a wholly-owned subsidiary of Fifth Third Bank.
Stapley, an 11-year veteran of FTAM previously served as chief fixed income officer where he oversaw all fixed income strategies for the firm. Stapley replaces Keith Wirtz, who has left FTAM to pursue other opportunities. Click here to view Stapley’s full bio.
“With nearly 30 years of investment experience to his credit, Mitch is the perfect person to drive FTAM forward in the most strategically effective way,” said Phil McHugh, executive vice president and head of the Bank’s Investment Advisors division.
Along with the promotion of Stapley, McHugh also announced that FTAM has entered into an agreement to sell certain accounts of the firm, which is expected to close in the first quarter of 2013.Upon completion of the transaction, FTAM will focus on a more concentrated menu of products for the institutional market, including Fixed Income, Dividend Growth and Strategic Income. Certain assets associated with FTAM’s investment teams in Minneapolis and Cleveland will be purchased by Tim Ford, Seamus Murphy and Amy Denn, current members of FTAM’s management team, and will operate as a separate entity called Foundry Partners LLC. The two firms plan to enter into a cooperative sales and service agreement to support existing and future client relationships. “This strategic transaction will provide FTAM with the best opportunity for growth in the future because it will allow us to concentrate on and invest in a focused set of key investment strategies,” explained Stapley. About Fifth Third Asset Management Fifth Third Asset Management, Inc. (FTAM) provides investment advisory services for institutional clients. FTAM offers a diversified asset management product line utilizing commingled funds and separate accounts. Through teams of experienced and knowledgeable investment professionals, advanced research resources and disciplined investment processes, our goal is two-fold: produce superior, long-term investment results and client satisfaction.