Wells Fargo Private Bank has named Erik Davidson as its new chief investment officer (CIO) replacing Dean Junkans, who will step down at the end of this year.

In his new role, Davidson will serve as the business’s lead investment professional managing the private bank’s global equity, fixed income portfolio management and research, alternative investments, guided portfolios, investment products, investment tools and investment analytics.

In addition, he will also jointly manage the firm’s regional CIO’s and investment and fiduciary senior directors, in affiliation with regional leadership.

Davidson has held number of investment leadership roles for 10 years at Wells Fargo including deputy CIO, managing director of investments, senior director of investments and regional investment manager.

He joined Wells Fargo from a separately managed account (SMA) outsourcing company, where he served as president and co-CEO.

Prior to this, he also worked as managing director at Franklin Templeton Investments, and held several fixed income roles at Credit Suisse First Boston.

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Jay Welker, head of Wells Fargo Private Bank, said: "Erik has a tremendous combination of investment acumen, client focus and institutional knowledge, which positions him very well for this important role. His passion for the investment industry and commitment to our unique business model will add tremendous value for our clients."