American Century Investments has appointed Patrick Bannigan to the position of executive vice president and chief operating officer, effective earlier this week on Nov. 5.

Bannigan succeeds current COO Barry Fink, who is retiring from the $124 billion firm next year. Bannigan will have responsibility for all operational, technological and financial activities within the firm.

Bannigan’s most recent position was with RiverSource (now Columbia Management and part of Ameriprise Financial), where he served as president of RiverSource Funds and senior vice president and general manager of RiverSource Investments. Previously, he was managing director and global head of product for Morgan Stanley Investment Management, where he oversaw the management and development of MSIM’s retail and institutional product lines.

“I’m excited to be joining American Century at such a promising time in the company’s 54- year history,” stated Bannigan. “From its strong positive net investment streak to its recent assets under management record, I know I’m joining a firm with incredible momentum and look forward to helping the company build on its current success.”

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