Wells Fargo Investment Institute has boosted its global manager research team with 11 new recruits and is looking to add one more, Citywire has learned.
The team now has 45 members, of which 40 have some investment oversight.
Over the last three months it has added two senior analyst roles, four intermediate positions and five junior recruits.
It is also looking to hire a fixed income research director, to fill the gap left by Aaron Duda, who departed earlier in the year.
The position involves ongoing due diligence on fixed income funds, ETFs and separately managed accounts, maintaining a high conviction list of strategies, and managing junior analysts among other responsibilities.
The position can be located in: St. Louis, San Francisco, New York, Charlotte or Denver. The team also has offices in Raleigh, London and Hong Kong.
Of the 11 new recruits, five are internal hires from other areas of Wells Fargo, while six are external appointments.
The two senior analysts are Stacey Townsend and Enzo Egidi, who join from Credit Suisse and Edward Jones respectively. The former will be based in the New York, with the latter in St. Louis.
The intermediate analysts are David Pham, Carter France, Adam Udasin and Benjamin Lau, who join from Edward Jones, United Bank, LPL and Wells Fargo Principal Investments. France and Udasin will be based in Charlotte, Pham in St. Louis and Lau in Hong Kong.
The junior analysts are Michael Sciortino, Brian Wismar, Chris Martinez, Tommy Willett and Kyle Lane.
Sciortino joined the team from Wilmington Trust, with all the others coming from other areas of Wells Fargo.
They will be based in New York, San Francisco, Denver St. Louis and St. Louis respectively.
The Investment Institute houses the manager research team as well as a global investment strategy unit, global alternative investments division and global portfolio management team.
The manager research team is structured by asset class rather than investment vehicle so analysts evaluate strategies in a variety of formats, such as mutual funds, exchange-traded funds, separately managed accounts, closed-end funds and hedge funds.
The group puts together a list of strategies in which it has high conviction. This is then used by broker-dealer Wells Financial Advisors, Wells Fargo Private Bank, family office Abbott Downing and pension service Institutional Retirement Trust.
There are around 15,000 advisors in the broker-dealer business
The expanded research team means the group will increase the number of strategies it covers.
On average Wells’ analysts covering long-only offerings oversee around 40 each. This number can be lower depending on the complexity of strategies covered and could be as low as 15 for more complicated strategies such as hedge funds.