Ted Truscott, Zurich Scudder Investments' CIO has jumped ship to become the CIO for American Express Financial Advisors, the Minneapolis-based asset management arm of American Express, the company announced last week.

Truscott jumps ship as Scudder prepares to be sold. During his career with Zurich Scudder, Truscott first served as a portfolio manager for several of the firm's Latin American funds and later became head of the company's equity research team. Truscott was named CIO of Zurich Scudder nine months ago.

In his new position with American Express, Truscott will oversee the firm's 350-member investment department, which has $261 billion in assets under management, according to the company.

He fills a position that was left vacant in April when Peter Anderson retired. Truscott began his career in financial services 18 years ago with Chemical Bank of New York.

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