Money Management

Wells Fargo Asset Management adds global head of multiasset research

Wai Lee was named global head of research for multiasset solutions at Wells Fargo Asset Management.

The position is new, spokeswoman Sarah Kerr said.

The hiring is part of Wells Fargo Asset Management's efforts to expand its multiasset investment business, said Nicolaas Marais, president and head of multiasset solutions, in a news release.

Wells Fargo Asset Management has $504 billion in assets under management. The firm's multiasset AUM was $32.5 billion as of Dec. 31, Ms. Kerr said.

Mr. Lee was managing director, portfolio manager and head of quantitative investments at Neuberger Berman. His duties are being handled by the staff at Neuberger Berman, a spokesman said. Neuberger Berman acquired quant manager Breton Hill Capital in November.