Merrill Lynch Wealth Management has tapped Ashvin Chhabra to serve as chief investment officer and head of Investment Management and Guidance.

Chhabra replaces Lisa Shalett, who left the firm in February to pursue other opportunities.

The new position marks a return to Merrill Lynch for Chhabra, who served as head of wealth strategies and analytics at the firm from 2001 through 2007. In his new role, Chhabra will lead the delivery of investment advice and strategy, according to the firm, as well as Investment Management and Guidance manager due diligence, investment analytics and investment guidance teams, and the Ultra High Net Worth Investment Office.

“[Chhabra] has an impressive industry and academic career that makes him ideally suited to work with our advisors to deliver investment advice and guidance that helps our clients pursue their desired outcomes,” Andy Sieg, head of Global Wealth and Retirement Solutions at Merrill Lynch, said in a statement.

Chhabra comes to Merrill Lynch from the Institute for Advanced Study in Princeton, N.J., where he served as chief investment officer. Before 2001, Chhabra served as head of quantitative research at J.P. Morgan Private Bank.

The members of the Investment Management and Guidance team who will report to Chhabra include: Mary Ann Bartels, CIO portfolio strategies; Spencer Boggess, CIO alternative investments; Alberto Cota, chief operating officer; Tom Latta, global head traditional manager due diligence; Jim Russell, CIO portfolio construction and multi-manager solutions; Anil Suri, CIO multi-asset class modeled solutions; Chris Wolfe, CIO Private Banking and Investment Group and Ultra-High-Net-Worth Customized Solutions; and Kenneth Yih, business support manager.