Threshold Group this week hired Ronald Albahary as its new chief investment officer. The 20-year investment management veteran will be responsible for providing strategic leadership and team management of the Philadelphia-based private wealth management firm's advisory services group.

Albahary previously served as CIO at Convergent Wealth Advisors and held investment leadership positions at Schroder Investment Management, SEI and Merrill Lynch.

In addition to his overarching strategic and management duties, Albahary will also help guide overall strategic direction with a seat on Threshold's Leadership Team. He will join Threshold's office in Philadelphia and will have direct contact with clients nationally.

"We are genuinely gratified and excited to have Ron joining our team because he offers that rare balance of investment insight and common sense that our clients and our associates so appreciate," Ed Lazar, President of Threshold Group, said in a statement."Ron is both grounded and creative in his thinking, and he will lead a passionate investment team that has generated real value for our clients during nearly every type of market environment imaginable."

Albahary succeeds Ernie Ankrim, who served as Threshold's interim CIO earlier this year. Ankrim served the interim role after retiring as Chief Investment Strategist at Russell Investments.

"I am energized by the opportunity to build upon the Threshold culture of client service, risk-sensitive investment strategies and unconstrained innovation focused on meeting client goals," Albahary said in a statement. "While Threshold is a young and growing firm, it has already established a respected reputation for understanding increasingly volatile markets and, as a result, successfully navigating clients through turbulent times."

"I look forward to working with this capable and skilled group by contributing my own ideas as well as applying my passion for helping clients with their investment needs," he added.

Threshold Group provides investment guidance, financial planning, legacy planning and family office services for families and private foundations that require a comprehensive and personalized approach to wealth advisory services. The independent, family-owned firm oversees $2.9 billion in assets and employs 45 associates with four offices in Gig Harbor, Wash., Philadelphia, Portland and Seattle.