American Century Investments has hired former Wilshire Funds Management CIO Cleo Chang to oversee the development of the firm's liquid alternative investment capabilities.

Cleo Chang, former CIO at Wilshire Funds Management, has today joined American Century Investments as senior vice president and head of alternative investments – a new role at the firm.

The news comes ahead of the firm's anticipated launch of various liquid alternative mutual funds and new brand - AC Alternatives - for these.

Reporting to co-CIO Victor Zhang, Chang will work with co-CIO David MacEwen, American Century sub-advisors and members of the investment management team.

In a move to build out its liquid alternatives business, American Century also recently hired Sandra Testani as director of product management; Brian Schappert as vice president and head of alternative sales within intermediary sales; and, last August, named Glen Casey as senior vice president and global head of products.

The company's 1,300 employees serve clients from offices in New York; London; Hong Kong; Mountain View, CA; and Kansas City, MO. The firm had $150 billion in assets under management at end-April 2015.