Wells Fargo Asset Management has hired Neuberger Berman’s former head of quantitative investments to serve as its global head of research within the multi-asset solutions team.
Wai Lee, who will join the US group in its New York office this month, was most-recently head of quantitative investments and senior portfolio manager for multi-asset and quant strategies at the rival group.
He had also been a named manager on several multi-asset and systematic-focused funds, including the Neuberger Berman Systematic Global Equity fund.
Commenting on the new hire, Nico Marais, president and head of multi-asset solutions, said: 'The addition of Wai is another significant step forward as we expand our multi-asset and solutions capabilities at Wells Fargo Asset Management.
'He also will play a key role in supporting our firm’s strategic partnerships, working with the solutions team in the design and delivery of customized investment solutions to investors around the globe.'
The hire comes as Wells Fargo accelerates plans to build out its systematic platform of global multi-asset and solutions capabilities across alphas, betas and asset classes. This is with a specific focus on risk premia, advanced betas and factor-based strategies.
In addition to his time at Neuberger Berman, Lee also spent four years at Credit Suisse Asset Management, where he was the head of the quantitative engineering group.
He has also worked at JP Morgan Investment Management as head of its quantitative research and risk management within the global balanced group.