The chief of a $518-billion-AUM asset manager now reports to a new boss at the shop's publicly traded parent, a money center bank.

Barry Sommers Wells Fargo & Company CEO, Wealth and Investment Mangement

Leadership at Wells Fargo has recently completed their search for a new CEO of wealth and investment management. WIM is the unit that includes Wells Fargo Asset Management (WFAM), Wells Fargo's asset management business, as well as Wells' private bank and wirehouse.

Last week Charlie Scharf, CEO of all of Wells Fargo, confirmed the hiring of industry veteran Barry Sommers as their new WIM chief. He officially joined the company on June 22, and reports to Scharf.

The move means that Nico Marais, CEO of WFAM, will have a new boss to report to. Before this hire, Jon Weiss, CEO of Corporate & Investment Banking at Wells Fargo, was in charge of WIM, and was until Sommers assumed the role.

With Wells Fargo, Sommers will be responsible for the delivery of their retirement, wealth management, and investment management services and products to clients through their US-based businesses and subsidiaries. Sommers will also join Wells Fargo's Operating Committee.

Sommers most recently worked for Wells Fargo competitor JPMorgan Chase, as CEO of wealth management, parting ways with the company in April 2019. "I am excited to join the company and do my part to help drive its continued evolution,” he stated.

Sommers has previously worked for the Consumer Bank, Chase Wealth Management, and JP Morgan Securities. Earlier on, he was responsible for Bear Stearns' mutual fund business, and he also worked in Goldman Sachs' asset management division. 

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