Wells Fargo & Company (NYSE: WFC) announced today that Kristi Mitchem
has been appointed president, chief executive officer, and head of Wells
Fargo Asset Management (WFAM), a division of Wells Fargo’s Wealth and
Investment Management Group (WIM). Effective June 1, Mitchem will lead a
business with more than $480 billion in assets under management in
institutional separate accounts, mutual funds and stable value
portfolios.
Mitchem most recently served as executive vice president at State Street
Global Advisors (SSGA), the investment management arm of State Street
Corporation. She replaces Mike Niedermeyer, who had served as head of
WFAM from 1994 until his retirement in March after 28 years with Wells
Fargo. Based in San Francisco, Mitchem will join the firm on June 1 and
will report to David Carroll, senior executive vice president and head
of WIM.
“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.”
Since 2012, Mitchem 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. Previously, she had 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.
Mitchem earned her Bachelor of Arts degree in political science from
Davidson College, where she was graduated summa cum laude and was
awarded First Honors. She received her Master of Business Administration
from Stanford Graduate School of Business, where she was an Arjay Miller
Scholar. Mitchem is also a Fulbright Scholar.
About Wells Fargo Asset Management
Wells Fargo Asset Management, a division of Wells Fargo Wealth and
Investment Management, strives to help clients achieve their financial
goals through top-tier investment solutions managed by specialized
investment teams that are supported by independent risk management and
backed by superior, collaborative service. With more than US$480 billion
in assets under management, Wells Fargo Asset Management has 29
autonomous investment teams with specialized expertise and proven
processes; more than 500 investment professionals; and a global reach
with offices and clients around the world.
About Wells Fargo Wealth and Investment Management
Wealth and Investment Management (WIM) is one of the leading providers
of financial and investment services. WIM provides a full range of
products and services to meet clients’ unique needs and help them
achieve financial peace of mind. WIM administers $1.6 trillion in client
assets, including $178 billion in deposits, and has $63 billion in
loans. The businesses that comprise WIM include Abbot Downing, Wells
Fargo Advisors, Wells Fargo Asset Management, Wells Fargo Retirement,
Wells Fargo Wealth Management.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.8 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through 8,800 locations, approximately 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 36 countries to
support customers who conduct business in the global economy.
With approximately 269,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 30
on Fortune’s 2015 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and help
them succeed financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs and Wells
Fargo Stories.
