Wells Fargo Appoints Kristi Mitchem As Head For Asset Management

Wells Fargo & Co WFC revealed it has hired Kristi Mitchem as President, CEO, and head of its Asset Management. That is a division of Wealth and Investment Management Group. The incumbent will assume the position effective June 1 and would lead business of over $480 billion in assets under management.

The company said Mitchem most recently served as EVP at State Street Global Advisors, which is an investment wing of the State Street Corporation. Michem replaces Mike Niedermeyer, who was the head of its Asset Management since 1994 until his retirement in March following 28 years of service with the company.

Wells Fargo said she would be located in San Francisco and would report to SEVP and head of Investment Management, David Carroll. Interestingly, Carroll commented, "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."

Carroll said further, "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."

The stock traded higher by 1.56 percent on Tuesday.