US-based PNC Asset Management Group (AMG) has appointed Amanda Agati as its new chief investment officer (CIO).
In her new role, Agati will be lead the development and implementation of investment policies, strategies and tactics.
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She will also serve as a member of several internal governing bodies, including as chairwoman of PNC’s Investment Policy Committee.
Commenting on the appointment, PNC Asset Management group head Carole Brown said: “In Amanda, we have a proven leader who has consistently demonstrated her capabilities as an investments expert and thought leader in the industry.
“Her experience overseeing all investment-strategy related activities, spanning asset allocation guidance on client portfolios to managing the evolution of our investment process, brings incredible value to our businesses. I am confident that she will continue to lead us in delivering high-quality investment services and solutions to our clients and prospects.”
Agati succeeds Mark McGlone, who is set to retire after his four-decades long career. Agati and McGlone will work together over the next month to ensure transition of responsibilities.
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By GlobalDataMcGlone began his career at Mercantile Safe Deposit & Trust, which was later acquired by PNC. He served as PNC Capital Advisors senior vice president and head of Taxable Fixed Income before being promoted as its CIO and president.
In 2018, McGlone took over his current role as the chief investment officer and managing executive of Investments for PNC Asset Management Group.
Brown said: “We are grateful to Mark for his thoughtful, measured and determined leadership that have been instrumental in developing our integrated investment approach and building a strong Investment Strategy and Services organisation.
“We are also grateful for his dedication to the firm’s strong commitment to developing industry leading talent, like Amanda, who will help lead us into the future.”
Last year, PNC Financial, the parent company of the asset management firm, agreed to sell its 22.4% holding in asset manager BlackRock, ending its 25-year-old relationship with the asset manager.
