Wells Fargo & Company have announced that Kristi Mitchem has been appointed president, chief executive officer, and head of Wells Fargo Asset Management, a division of Wells Fargo’s Wealth and Investment Management Group (WIM).
Effective June 1, Mitchem will lead a business with more than $480bn 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.
Bachelor of Arts degree in political science from Davidson College, where she 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.