Money Management

Wells Fargo Asset Management co-head of global fixed income to retire

Lyle Fitterer, co-head of global fixed income at Wells Fargo Asset Management and head of the firm's municipal fixed-income team, will retire this summer, a spokesman confirmed.

Mr. Fitterer, who is also a senior portfolio manager at WFAM, will relinquish his fund management duties on eight fixed-income strategies on June 1, at which point he will transition into an advisory role at the firm, the spokesman said.

A month later, on July 1, he will retire from WFAM, the spokesman added.

Mr. Fitterer is retiring after 30 years at Wells Fargo. He reports to interim co-CEOs Kirk Hartman and Nicolaas Marais, the spokesman said.

Effective June 1, Jeffrey Weaver, a senior portfolio manager and head of the short duration fixed-income team and money market funds at WFAM, will assume Mr. Fitterer's leadership responsibilities as head of the municipal fixed-income team, which managed $38 billion as of Dec. 31, the spokesman said.

WFAM does not have further information at this time as to whether a new co-head of the global fixed-income team will be named, the spokesman added.

Andy Hunt is the other co-head of WFAM global fixed income and will remain in the role, the spokesman confirmed.

Effective June 1, Mr. Fitterer will no longer manage the following funds, according to a WFAM notice to clients published in late March: High Yield Municipal Bond, Intermediate Tax/AMT-Free, Municipal Bond, CoreBuilder Shares Series M, Short-Term Municipal Bond, Strategic Municipal Bond, Ultra Short-Term Municipal Income and Wisconsin Tax-Free.

On March 28, portfolio managers Wendy Casetta, Bruce Johns, Terry Goode, Adrian Van Poppel, James Randazzo, and Brandon Pae were added as portfolio managers to the various funds managed by WFAM's municipal fixed-income team.