Aegon Asset Management has hired Russ Morrison as its global chief investment officer responsible for managing its €170bn (£150bn) fixed income investment platform.
Morrison joined on 29 June in the firm's Chicago office and will head up the firm's 140-strong fixed income investment team. He will also become a member of the firm's global management board.
Kirk Buese, the current interim global CIO for fixed income, will retire from the business after 33 years' service.
Buese took responsibility for the platform on an interim basis during the recruitment process, having previously stated his desire to retire this year. He will remain with the business for a short period to ensure a smooth transition, Aegon said.
Morrison has more than 30 years of fixed income and financial services experience, the firm said. He was most recently employed at Barings where he served as president and head of fixed income, equities and multi-asset.
Prior to Barings, Morrison held positions in the fixed income divisions at First Union Bank, Ernst & Young Management Consultants and North Carolina National Bank.
His appointment follows Aegon Asset Management's integration of its Asian, European and US businesses under a single management board led by chief executive Bas NieuweWeme.
The integration brought its regional investment teams together, split into four platforms - fixed income, real assets, equities and multi-asset and solutions.
NieuweWeme said: "Russ has a wealth of experience running multi-geographic teams, managing private and publicly listed fixed income assets for general account and third-party clients worldwide.
"His appointment to this new role represents the culmination of the integration of our regional based teams into our global fixed income platform."
He added: "I would also like to wish Kirk a very long and happy retirement and thank him for leading the global team on the interim basis, but also for his considerable contribution to the business of the last three decades."