Wells Fargo & Company has appointed Kristi Mitchem as president, chief executive officer, and head of Wells Fargo Asset Management (WFAM), a division of Wells Fargo’s Wealth and Investment Management Group (WIM).
She will take over her new duties on 1 June and will lead the $480bn AUM subsidiary of Wells Fargo.
Mitchem succeeds Mike Niedermeyer who had served as head of WFAM from 1994 until his retirement in March after 28 years with Wells Fargo.
Mithchem will report to David Carroll, senior executive vice president and head of WIM.
Formerly, she was executive vice president at State Street Global Advisors (SSGA).
She led the Americas Institutional Client Group at SSGA, focusing the organization on delivering innovative investment solutions to institutional investor clients in the United States, Latin America, and Canada.
She also served as the leader of the defined contribution businesses at both SSGA and Blackrock and of the institutionally-focused U.S. Transition Services group at Barclay’s Global Investors.
“Wells Fargo Asset Management is a valuable business for Wells Fargo, with a broad range of investment capabilities, strong risk management processes and a disciplined operating approach that have produced significant results for both customers and shareholders for many years,” said Carroll.
“With an impressive mix of industry experience, a deep knowledge of the needs of institutional and intermediary investor clients, and proven success in inspiring large high-performing teams, Kristi is the ideal candidate to lead WFAM through its next phase of strategic expansion and growth.”