A top SSgA alumnus is taking over Wells Fargo Asset Management [profile].

Kristi Mitchem Wells Fargo Asset Management President and Chief Executive Officer

Today David Carroll, senior executive vice president and head of the wealth and investment management group at Wells Fargo, confirms the appointment of Kristi Mitchem as president and CEO of WFAM. San Francisco-based Mitchem will join on June 1, reporting to Carroll.

Mitchem most recently served as executive vice president at State Street Global Advisors [profile], leading its institutional client group in the Americas.

MFWire could not immediately reach a State Street spokesperson for comment on how Mitchem's duties will be handled.

Mitchem succeeds 28-year Wells veteran Mike Niedermeyer. Niedermeyer retired last month, as previously reported by MFWire.

David Carroll Wells Fargo Asset Management Senior Executive President

Mitchem is an alumnus of both Davidson College and Stanford. She previously led defined contribution efforts at SSgA and at BlackRock, and she worked at BGI prior to its sale to BlackRock. Prior to that she worked at Goldman.

Carroll praises Mitchem as "the ideal candidate to lead WFAM through its next phase of strategic expansion and growth."

WFAM has more than $480 billion in AUM, run by more than 500 investment professionals in 29 autonomous investment teams. That $480 billion includes $216 billion in the Wells Fargo Funds mutual fund family.

Check back for more updates as this story develops. 

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