Wells Capital Management Inc. is a subsidiary of Wells Fargo & Company (NYSE: WFC), one of the largest banking and financial services companies in the world. The firm was founded in 1996 to combine several Wells Fargo investment teams into an independently operated asset management unit. After several acquisitions and substantial internal growth, the firm operates in 2016 as a full-service investment manager serving institutional investors around the world.
While it enjoys substantial decision-making autonomy, Wells Capital Management does business under the Wells Fargo Asset Management trade name alongside more than 10 other Wells Fargo asset management businesses. It specializes in equity and fixed-income investment strategies, offering numerous options across a range of investment styles and geographic regions. It also has investment teams specializing in multi-asset investment solutions and liability-driven investment (LDI) products. As of June 30, 2015, the firm has more than $348 billion in assets under management. It serves more than 1,000 institutional clients in over 30 countries across the globe.
Wells Capital Management is founded on a culture of independent thinking and innovation. More than 25 investment teams operate autonomously within the firm, each employing a specialized investment philosophy and portfolio construction process adapted to its area of focus. Decision-making independence empowers teams to conduct original research and pursue new investment insights. It also helps to retain highly qualified, experienced portfolio managers and investment analysts who value operational autonomy and a focused work environment. In fact, Wells Capital Management's staff of more than 390 investment professionals averages more than a decade of tenure at the firm.
Alongside its culture of autonomy, Wells Capital Management is also committed to rigorous risk management. An independent risk management team operates on a firm-wide basis to maintain a strong, consistent framework for evaluating and balancing risk within the firm's many investment portfolios.
Wells Capital Management's investment teams deliver an assortment of more than 70 investment strategies and customizable solutions for corporations, pension plans, central banks, and financial intermediaries, including other Wells Fargo businesses. In equities, options include market cap-focused strategies across investment styles, as well as country, region and global strategies. A similarly diverse selection of fixed-income strategies are also available, including municipal, corporate credit, regional and global strategies.
Multi-asset strategies are available through a dedicated multi-asset solutions team that leverages the focused expertise found throughout Wells Capital Management and in investment teams operating across the Wells Fargo Asset Management family of firms. The team develops and manages customized tactical and strategic asset allocation strategies, as well as absolute return and dynamic risk-hedging solutions.
About 40% of Wells Capital Management's assets under management are associated with investment funds distributed by other Wells Fargo businesses. Wells Capital Management investment teams manage these funds in a mutual fund subadvisor role. Another 11% of assets under management are associated with subadvisory relationships that Wells Capital Management maintains with other external fund distributors.
Kirk Hartman serves as president and chief investment officer (CIO) of Wells Capital Management.
He oversees investment and business operations at the firm and manages overall investment risk. Hartman joined the firm as CIO in 2002 after serving as managing director of fixed income at Banc of America Capital Management. Hartman completed a bachelor's degree at Amherst College and a master's degree at the University of Chicago. He also completed an MBA at Northwestern University.
James William Paulsen, Ph.D., is executive vice president and chief investment strategist at Wells Capital Management. He is responsible for the development of investment strategies at the firm, which he joined in 1997. Paulsen also conducts research, publishes a long-running newsletter on economic and market trends, and provides commentary in print and television media. Paulsen earned a bachelor's degree in economics and a doctorate in economics at Iowa State University.