The former chief executive of Wells Fargo Asset Management has landed at BMO GAM as the group announces its current CEO Richard Wilson is to step down.
The asset manager confirmed on Wednesday that Wilson, who had been in the role since 2014, had chosen to retire and would be succeeded by Kristi Mitchem (pictured).
Mitchem will report to group head of BMO Wealth Management Joanna Rotenberg when she takes up the mantle on 18 March. Her departure from Wells Fargo AM was revealed days ago via Bloomberg.
In a statement Rotenberg thanked Wilson for his contributions to the asset manager.
“Richard has left an indelible mark on this organisation,” she said. “He has positioned BMO as a significant global asset manager, with BMO GAM stewarding more than $320bn in assets under management. Under his leadership, we have brought world-class capabilities to all of our markets.”
BMO GAM’s global growth ambitions
BMO GAM said that Mitchem was brought in to help the wealth business achieve its ambitions of becoming a global business and building on its strategic advantages.
As CEO of Wells Fargo AM she oversaw 28 independent investment teams with roughly $500bn in assets under management. She has also worked at State Street, Blackrock, and Goldman Sachs.
Throughout her career Mitchem “has been an advocate for diversity and inclusion”, the fund group added.
“Kristi brings an excellent track record of transformative leadership,” Rotenberg continued. “She has a passion for making a difference for clients by solving the most pressing investment challenges they face. Her asset management expertise, creativity, and technological acumen will be a strong catalyst in our next chapter of growth.”
Parent company BMO is the eighth largest bank in North America with assets totalling $774bn at 31 October 2018.
