April 19, 2016 / 3:11 PM / 4 years ago

ON THE MOVE-Wells Fargo hires new asset management chief

April 19 (Reuters) - Wells Fargo & Co hired Kristi Mitchem to run its asset management unit, overseeing a business that oversees $480 billion in client assets.

Mitchem, who will start on June 1, joins from State Street Corp. She will replace Mike Niedermayer, who retired in March, and report to David Carroll, head of the Wealth and Investment Management unit, the bank said in a news release on Tuesday.

A bank spokesman said Mitchem and Carroll were not available for comment. A call to a spokeswoman for State Street was not returned.

Reporting by Dan Freed in New York; Editing by Lisa Von Ahn

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