Fiduciary Trust has named a new chief investment officer while carving out a new role of chief investment strategist.

Peter Andersen has taken over as chief investment officer at Fiduciary Trust Company, succeeding Michael Mullaney, who has become chief investment strategist – a new role at the firm.

Andersen was previously CIO at Congress Wealth Management since 2003. He was also a portfolio manager at Congress Asset Management, an affiliated firm. Earlier, he held senior roles at Delaware Investments/Conseco Capital Management and Colonial Management.

In his role as CIO at Fiduciary Trust, Andersen will direct the development and refinement of the firm’s investment strategies, asset allocation, third-party manager selection and client portfolio construction.

Mullaney, meanwhile, is now responsible for providing perspectives and insights on the global economy and investment markets.

Fiduciary Trust is a privately-owned wealth management firm focused on families, individuals and non-profit. The firm also provides services to single family offices and professional advisors.