BMO Global Asset Management (BMO GAM) has named Kristi Mitchem as the new CEO, replacing Richard Wilson who has held the role since 2014.

Mitchem will assume the new role on 18 March 2019, while Wilson will retire.

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In the new role, Mitchem will report to BMO Wealth Management group Head Joanna Rotenberg.

Mitchem most recently served as the CEO of Wells Fargo Asset Management.

Previously, she also had stints at State Street, BlackRock, as well as Goldman Sachs.

Commenting on the new appointment, Rotenberg said: “Richard has left an indelible mark on this organisation. He has positioned BMO as a significant global asset manager, with BMO GAM stewarding more than $320 billion in assets under management. Under his leadership, we have brought world-class capabilities to all of our markets.

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“Kristi brings an excellent track record of transformative leadership. 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.”

Earlier this month, BMO merged its private banking and full-service brokerage units. The merger led to the creation of a new entity called BMO Private Wealth Canada and Asia.