Updated with correction
Cleo Chang has joined American Century Investments as senior vice president and director of alternative investment strategies, spokesman Chris Doyle said.
The position is new and is part of a planned initiative to launch alternative investment strategies.
Ms. Chang is responsible for the development and oversight of liquid alternative investment capabilities, a news release said.
Ms. Chang reports to Victor Zhang co-chief investment officer.
Ms. Chang was CIO of Wilshire Funds Management and managing director of Wilshire Associates.
Ms. Chang will be replaced as CIO by Josh Emanuel, said spokeswoman Lisa Herbert.
Mr. Emanuel had worked at Wilshire from 2004 to 2010 in a variety of roles including head of manager research, head of strategy for Wilshire Funds Management and co-chairman of the Wilshire Funds investment committee, said a company press release.
He is rejoining Wilshire from Element Financial Group where he was CIO.