Fredrik Axsater was named executive vice president and head of business segments at Wells Fargo Asset Management.
The position is new, confirmed John Roehm, a Wells Fargo spokesman, in an email. Mr. Axsater's official starting date hasn't been set, but he will join Wells Fargo in the second quarter, Mr. Roehm wrote. Mr. Axsater had been a senior managing director and global head of defined contribution and ESG businesses at State Street Global Advisors.
“Fredrik will be building a new team focused on establishing a deeper understanding of client needs and growing three strategic business segments — defined contribution; environmental, social, and corporate governance; and partnerships with the businesses that comprise Wells Fargo's wealth and investment management division,” Mr. Roehm wrote. “These are areas of potential growth where we believe we can leverage our knowledge and investment capabilities to better serve both our retail and institutional clients.”
Anne McNally, an SSGA spokeswoman, said Mr. Axsater's duties are being divided for now among two executives — Nigel Aston, senior managing director and head of European defined contribution, who will take on all of the DC activities, and Chris McKnett, managing director and head of environmental, social and governance, who assumes Mr. Axsater's ESG duties.
The company, she added, is “evaluating” whether to replace Mr. Axsater directly.