Dallas, TX-based Tolleson Wealth Management, which serves ultra high net worth families, has promoted Philip Durst to chief investment officer.

Durst will be responsible for the oversight and execution of the firm’s investment research process, asset allocation, manager selection/retention, and overall portfolio management. In addition, he serves as chairman of the firm’s investment committee and is a member of the firm’s executive committee.

Prior to joining Tolleson, Durst served within the investment management divisions of both INVESCO and John McStay Investment Counsel in Dallas. Before his investment management career, he spent several years with Crescent Real Estate in Fort Worth, TX, as a part of its asset management team, and with Ernst & Young in Dallas, TX, as a senior auditor within the firm’s Entrepreneurial Services division.

Tolleson Wealth Management has two lines of business: Tolleson Private Wealth Management and Tolleson Private Bank.