Fifth Third Bancorp named Friday a new chief investment officer for its asset management division, and announced changes about the division’s investment focus.

Mitchell Stapley was promoted to the chief investment position, Fifth Third said. Stapley replaces Keith Wirtz, who resigned to pursue other opportunities, the bank said.

Fifth Third Asset Management also has entered an agreement to sell certain accounts. Once the transaction is completed, which is expected to happen the first quarter of next year, Asset Management will focus more on institutional market products, such as fixed income, dividend growth and strategic income, the bank said. Also, members of the asset division’s management team are buying assets related with investment teams in Minneapolis and Cleveland, and will operate under a separate entity called Foundry Partners LLC.

Fifth Third is the region’s largest banking company.