McClatchy will start in his new role on 18 June this year, a spokesperson for the company confirmed.
McClathcy was chief executive officer of ING Investment Management between 2007 and 2009.
More recently he has been working as a business and investment consultant.
McClatchy succeeds John Stratton, who left the company in April to take up the chief investment role of Brit Insurance.
Stratton had been CIO since 2003, when he took over the role from David Dixon.
McClatchy will oversee $12.7 billion in asset under management as at December 2011.