Mitchell Stapley is now chief investment officer for Fifth Third Asset Management, a subsidiary of Fifth Third Bank (FITB).

Stapley was promoted to the position after serving Fifth Third for 11 years as chief fixed income officer, a role in which he oversaw all of the firm's fixed-income strategies.

He replaces Keith Wirtz, who left the position to pursue other opportunities, the company said.

FTAM also announced that the company entered into an agreement to sell some of the asset management firm's accounts. Assets tied to FTAM's teams in Minneapolis and Cleveland will be acquired by Tim Ford, Seamus Murphy and Amy Denn, who are currently members of FTAM's management team. The group is now operating their own separate entity called Foundry Partners LLC.

Foundry and Fifth Third intend to forge a cooperative-sales and service agreement to support their current 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," Stapley said.