Wells Fargo has hired Kristi Mitchem, formerly of State Street, to be the president and chief executive of its asset management division.

Starting June 1, Mitchem will oversee a business line with more than $480 billion in assets under management in institutional separate accounts, mutual funds and stable value portfolios.

Mitchem succeeds Mike Niedermeyer, who led the unit from 1994 until he retired in March. She will report to David Carroll, head of wealth and investment management.

Before joining Wells Fargo, Mitchem was executive vice president at State Street Global Advisors, the investment management division of State Street Corp. She had led the Americas Institutional Client Group at SSGA since 2012.

Before that she led the defined contribution businesses at SSGA and BlackRock. She also headed the U.S. Transition Services group at Barclays Global Investors.

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