WFC Wells Fargo and Company

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)

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