Wells Fargo & Co. (NYSE: WFC), a financial services company with $1.9 trillion in assets, has appointed Nico Marais as chief executive officer and head of Wells Fargo Asset Management, the firm’s investment advisory/management unit.
Wells Fargo Asset Management has $476 billion in assets under management for a range of clients, including investment professionals and institutional and individual investors.
Marais most recently served as co-CEO of Wells Fargo Asset Management and previously served as its president and head of multi-asset solutions. He replaces Kristi Mitchem, who left the company in January.
“We have an outstanding team at [Wells Fargo Asset Management], and I am confident that Nico is the right leader to take the business forward as it continues to grow and serve as a true partner to our clients,” said Jonathan Weiss, head of wealth and investment management at Wells Fargo.
Kirk Hartman, who also was co-CEO of Wells Fargo Asset Management, will work closely with Marais in his new role. Hartman will continue to serve as chief investment officer and will add the role of president. Hartman joined the firm in 2002 and the company said that he has been an integral part of its leadership as head of the fixed income and equity investment teams.
Marais joined Wells Fargo Asset Management in February 2017 from Schroders, where he was head of multi-asset investments and portfolio solutions. Prior to Schroders, he was global head of active portfolio management for BlackRock’s multi-asset and client solutions team.
Previously, he held several leadership roles with Barclays Global Investors, including global head of investment strategy and head of active equity-Europe, and also worked for The World Bank Group as a bond trader and for the South African Reserve Bank as a gold trader.
Marais holds a Doctor of Commerce in economics degree from the University of South Africa. He earned master’s and bachelor’s degrees from Stellenbosch University in South Africa, and an advanced diploma in international economic policy research from the Kiel Institute for the World Economy in Germany. He also is a chartered financial analyst.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,700 locations.