American investment manager Kanaly Trust has named its chairman Drew Kanaly as new president, reported Houston Business Journal.

In his new role, Kanaly will be responsible for overseeing his clients as well as lead the firm’s relationship managers, strategists, estate administration and special asset specialists.

It is reported that Kanaly’s CEO Bill Rankin will remain in his position and will have an increased focus on expanding the firm’s business through acquisitions.

Rankin was quoted by the source saying, "In 2014, Kanaly is ready to act on these plans and begin acquiring independent wealth management firms, most likely in Texas, Oklahoma and Louisiana.

"There are a number of small wealth management firms in the southwest US that are looking for more capital resources to invest in better investment platforms and technologies.

"Also, some owners of small firms are looking to liquidate their equity, but don’t want to sell their business to a large wealth services division of a bank, such as those they have been competing with since they were established," Rankin added.