Wells Fargo & Co, the San Francisco-based, NYSE-listed financial giant, has announced the appointment of Kristi Mitchem, to succeed Mike Niedermeyer as president and chief executive of its Wells Fargo Asset Management operation.
Wells Fargo Asset Management (WFAM) is a part of Wells Fargo’s Wealth and Investment Management Group (WIM), and has assets under management of US$480bn.
Mitchem, pictured, comes to Wells Fargo from State Street Global Advisors. There, she headed up its Americas Institutional Client Group, where her responsibilities included overseeing the provision of investment products to institutional investor clients in the US, Latin America and Canada.
The appointment is effective on 1 June, Wells Fargo said.
Niedermeyer retired in March after 28 years with Wells Fargo, the last 22 of which he spent as head of WFAM.
At Wells Fargo, Mithchem will report to David Carroll, senior executive vice president and head of WIM, Wells Fargo said in a statement.
Founded in 1852, Wells Fargo is said to be one of the US’s largest financial services companies, with around US$1.8trn in assets, offices in 36 countries and a total staff of around 269,000, according to its website.
This story originally appeared on the website of International Investment’s sister publication, Investment Europe.