Head of Wells Fargo Fund Division Karla Rabusch to Retire
October 21 2016 - 3:50PM
Dow Jones News
Wells Fargo & Co.'s president of its funds division is
retiring in the next few months as the bank continues shaking up
its asset-management unit, people familiar with the matter
said.
Karla Rabusch, president of Wells Fargo Funds and head of Wells
Fargo Funds Management LLC, told colleagues last week she is
retiring at year-end, these people said. She oversees the groups
that offer investment solutions, including bank-branded managed
accounts.
It is possible Ms. Rabusch stays on through January as the bank
decides who will replace her, a person familiar with the matter
said, adding that she was considering retirement for some time.
Ms. Rabusch's decision follows the retirement of Wells Fargo
asset management head Michael Niedermeyer earlier this year. He was
succeeded by Kristi Mitchem, who joined from State Street Corp.'s
investment management arm, in June. Wells Fargo's asset management
division has more than $480 billion in assets under management in
institutional separate accounts, mutual funds and stable value
portfolios. The bank doesn't break out revenue for its funds
business.
Late last year, Wells Fargo created a new unit named Wealth and
Investment Management to combine those two areas as other large
banks have also done.
Ms. Rabusch began her career at Wells Fargo in 1997 as the chief
finance officer for the mutual-fund arm, according to Wells Fargo's
website.
Write to Emily Glazer at emily.glazer@wsj.com
(END) Dow Jones Newswires
October 21, 2016 15:35 ET (19:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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