MINNEAPOLIS - American Express Financial Advisors, American Express Co.'s financial planning asset management unit, announced Wednesday that it had hired William F. "Ted" Truscott as its chief investment officer.

Mr. Truscott was chief investment officer at Zurich Scudder Investments for the past nine months. He succeeded Peter Anderson, who retired in April. Mr. Truscott will oversee the Amex unit's investment department, which manages $261 billion of assets but recently experienced losses because of writedowns in high-yield securities.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.