Wells Fargo Asset Management (WFAM) has appointed Yeng Felipe Butler as head of WFAM’s liquidity client group.

The new head joins WFAM from State Street Global Advisors, where she most recently served as global head of cash business, overseeing a global team of 30 short-term fixed income investment sales professionals.

Ms Butler will manage WFAM’s short-duration and cash management business. It has approximately $156 billion in assets under management AUM and includes capabilities such as money market mutual funds and customized liquidity accounts.

She will be based in Boston, Massachusetts, and will report to Nico Marais, chief executive officer of WFAM.

During her nine years with State Street, Ms Butler held a number of roles, including strategic leader for Fiduciary Advisory Solutions and head of U.S. Cash Business. She began her career in sales and marketing with Merrill Lynch.

As clients place an increasing premium on the safety and stability of their investments, the Liquidity Client Group will play a key role in WFAM’s product lineup.

Nico Marais, chief executive officer, praised her past record and current skillset

He said: “We are thrilled to welcome Yeng to Wells Fargo Asset Management. She brings a long track record of providing innovative short-term investment and cash management solutions to both intermediary and institutional clients, and I am confident that her leadership and extensive skillset will be instrumental as we continue to grow this strategic product and solutions set.”

Wells Fargo and Company is a financial services company with $1.9 trillion in assets and provides banking, investment and mortgage products and services, through 7,600 locations across more than 13,000 ATMs. It also has offices in 32 countries and territories to support customers who conduct business in the global economy.