Cincinnati-based Fifth Third Bank has named industry veteran Stephen Mullins president of Fifth Third Asset Management, the bank’s asset management subsidiary. He will be responsible for overseeing the strategic direction of the firm and the portfolio management team, the bank announced today.

Mullins previously served as a senior executive with Lanier Asset Management in Louisville, Ky. and prior to that was director of client service and marketing for Mainstream Investment Advisors, LLC in New Albany, Ind. and for INVESCO and National Asset Management in Louisville. He has more than 33 years of asset management and investment advising experience, according to Fifth Third Bank.

Mullens will report directly to Phil McHugh, executive vice president and head of Fifth Third Investment Advisors.

“With significant institutional asset management experience, Steve is a great fit to lead FTAM as we have positioned the firm for future growth. His strong investment background will enhance our team as we continue to guide our clients to achieve their long-term investment goals,” McHugh said in a statement.

Fifth Third Asset Management provides investment advisory services for institutional clients. It had more than $8.4 billion in assets under management as of Sept. 30, 2012.