Wells Fargo Asset Management (WFAM) has appointed Nico Marais as its new CEO, replacing Kristi Mitchem who quit the firm earlier this year to join BMO Global Asset Management as the CEO.

Following the departure of Mitchem, WFAM CIO Kirk Hartman and Marais were appointed as co-CEOs on an interim basis.

Marais, who has been working at WFAM since February 2017, will become the sole head of the firm with immediate effect.

He will continue to work alongside Hartman, who will serve as WFAM president while retaining the CIO role.

Earlier, Marais was the president and head of multi-asset solutions at WFAM.

Prior to joining WFAM, Marais served as the head of multi-asset investments and portfolio solutions at Schroders.

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His other roles include global head of active portfolio management for the multi-asset and client solutions team at BlackRock and global head of investment strategy at Barclays Global Investors.

Additionally, Marais served at the World Bank Group and the South African Reserve Bank.

Wells Fargo head of wealth and investment management Jonathan Weiss said: “We have an outstanding team at WFAM, 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.”

WFAM managed $476bn in assets at the end of March 2019.