After less than five months under co-CEOs, an asset manager with $476 billion in AUM now has a single chief.

Nicolaas Marais Wells Fargo Asset Management CEO

Yesterday Jon Weiss, head of wealth and investment management at Wells Fargo, confirmed that co-CEO Nico Marais has been promoted to CEO of Wells Fargo Asset Management (WFAM [profile]). Weiss also appointed Marais' fellow co-CEO, chief investment officer Kirk Hartman, to the role of president. (Hartman will continue to serve as CIO, too.)

Citywire, P&I, and the WSJ all covered the news.

Marais' promotion comes after WFAM's previous CEO, Kristi Mitchem, left in January.

Weiss lauds WFAM's "outstanding team" and calls Marais "the right leader to take the business forward as it continues to grow and serve as a true partner to our clients."

"WFAM is a key part of our overall strategy," Weiss states.

Marais, an alumnus of the University of South Africa and of Stellenbosch University (also in South Africa), joined WFAM in 2017 and served as head of multi-asset solutions and then as president before his two promotions this year. Prior to joining WFAM, he worked with Schroders, BlackRock, BGI, the World Bank Group, and the South African Reserve Bank. 

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