A new mutual fund chief is rising at Wilshire Associates [profile].

Today the consulting shop's president, John Hindman, revealed that, effective January 1, Jason Schwarz will take over as president of its asset management arm, Wilshire Funds Management. And Cleo Chang will rise to CIO of the unit.

Schwartz succeeds Victor Zhang, who is joining American Century as co-chief investment officer after taking the Wilshire Funds Management president spot a year ago.

"Although Victor will be stepping down as president at the end of the year, to ensure a smooth transition for both our clients and his colleagues he will remain with the firm through the end of January 2014," Hindman stated. "His contributions to the growth of the business are many and while we are sorry to see him leave, we wish him well and know he will enjoy great success in his new position."

Schwarz joined Wilshire in 2005 and currently oversees sales, client service and distribution for Wilshire Funds Management, as well as president of its mutual funds.

Chang also joined in 2005. She serves as head of investment research for the unit. 

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