BMO Financial Group has announced the appointment of Kristi Mitchem (pictured above) as CEO of BMO Global Asset Management (BMO GAM).
She will report to Joanna Rotenberg, group head, BMO Wealth Management. Richard Wilson, CEO of BMO GAM since 2014, has chosen to retire. Ms. Mitchem's appointment is effective 18 March.
"Richard has left an indelible mark on this organization," said Rotenberg. "He has positioned BMO as a significant global asset manager, with BMO GAM stewarding more than $320 billion in assets under management. Under his leadership, we have brought world-class capabilities to all of our markets.
"Kristi brings an excellent track record of transformative leadership," added Rotenberg. "She has a passion for making a difference for clients by solving the most pressing investment challenges they face. Her asset management expertise, creativity, and technological acumen will be a strong catalyst in our next chapter of growth."
Mitchem has an impressive history of leading global teams across all major asset classes through collaborative partnerships with retail and institutional investors and clients. She joins BMO from Wells Fargo, where she was CEO and head of Wells Fargo Asset Management. In that role, she led 28 independent investment teams with approximately $500bn in assets under management. Mitchem also brings experience from State Street Corporation, BlackRock, and Goldman Sachs. Throughout her career, she has been an advocate for diversity and inclusion.
"Kristi is highly respected across the industry. I look forward to her joining our team and building on Richard's success in leading BMO's asset management business to drive exceptional performance and service for our clients," said Darryl White, chief executive officer, BMO Financial Group.
"I am confident in our ability to provide innovative investment solutions, consistently driving client loyalty, strengthening our competitive position and fuelling growth across our entire wealth platform," he added.
The changes will position the wealth business for continued global growth, according to the company, and enable BMO to build on its strategic advantages. BMO also recently announced the creation of BMO Private Wealth Canada and Asia.