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Who We Are

Put Our Expertise to Work for You

Wells Fargo Investment Institute combines teams from a broad range of backgrounds to help financial professionals build and implement plans that are appropriate for their clients.

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As part of specialized investment teams gathered under one umbrella, our strategists and analysts provide viewpoints on current market conditions, regular publications to help investors build their financial acumen and offer periodical client calls to interact with strategists. In support of your financial professional, Wells Fargo Investment Institute is a resource for information and strategies to build a plan designed to help you succeed financially.

Leadership

Darrell L. Cronk, CFA, President of Wells Fargo Investment Institute, Chief Investment Officer for Wealth and Investment Management

Darrell Cronk Darrell L. Cronk is the president of Wells Fargo Investment Institute, a subsidiary of Wells Fargo Bank N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Mr. Cronk leads global investment strategy and research including equity, fixed income, real assets, and alternative investments. He also serves as chief investment officer for Wealth and Investment Management, a division of Wells Fargo & Company comprised of Wells Fargo Advisors, Wells Fargo Asset Management, Wealth Client Solutions and Private Wealth Management businesses.

Mr. Cronk is frequently featured in the media including The Wall Street Journal, TheStreet, Dow Jones MarketWatch, Barron’s, the Associated Press, Reuters, Yahoo Finance, Bloomberg Television, CNBC, and Fox Business Network. He has authored numerous investment-related articles and regularly speaks at investment-industry conferences.

With more than 25 years of experience in financial services, Mr. Cronk most recently served as deputy chief investment officer for Wells Fargo Private Bank. He has held a variety of positions at Wells Fargo, including regional chief investment officer, senior director of investments, regional investment manager, senior investment manager, equity analyst, and senior financial consultant. He began his career as a senior credit analyst for Norwest Bank, a Wells Fargo predecessor.

Mr. Cronk earned a Bachelor of Science in Finance from Iowa State University, a Master in Finance from Boston University, and is a CFA® charterholder. He is based in New York City.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly-owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC.  Wells Capital Management (WellsCap) is a registered investment advisor and a wholly owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. CAR 0520-0114

© 2020 Wells Fargo Investment Institute. All rights reserved.

Greg Sigmund, CFA, Head of Investments and Operations

Greg SigmundGreg Sigmund is the Head of Investments and Operations for Wells Fargo Investment Institute (WFII), a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. WFII serves Wealth and Investment Management, a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, Abbot Downing, and Wells Fargo Asset Management businesses.

Mr. Sigmund is responsible for the investment functions and for managing the business and operational aspects of WFII. Previously, Mr. Sigmund served as Head of the Advisory Services Group of Wells Fargo Advisors, which provided portfolio management, research and investment guidance to 15,000 Financial Advisors, and was Chairman of the firm’s Investment Policy Committee. He also served as the Head of Securities Research at Wells Fargo Advisors predecessor firm, A.G. Edwards. In this capacity, Mr. Sigmund was responsible for an investment research team of over 200 analysts, covering over 1,000 individual securities. As an equity research analyst, his research coverage responsibility included real estate investment trusts (REITs), electric utilities, and household-product companies. He has more than 34 years of experience in financial services.

Mr. Sigmund received a Bachelor of Science in Finance and Masters of Business Administration from Saint Louis University and is a CFA® charterholder. Mr. Sigmund is based in St. Louis.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Abbot Downing, a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Global Market Strategy Team

Paul Christopher, CFA, Head of Global Market Strategy

Paul ChristopherPaul Christopher is the Head of Global Market Strategy for Wells Fargo Investment Institute (WFII), a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo comprised of Wells Fargo Private Bank, Wells Fargo Advisors, Abbot Downing, and Wells Fargo Asset Management businesses.

Mr. Christopher focuses on the global investment environment and leads WFII's market guidance teams. He is frequently quoted in the national media, including The Wall Street Journal, The New York Times, Forbes, TIME, Investor's Business Daily, USA Today, Bloomberg Television, ABC News, NBC News, and CNBC. Prior to joining Wells Fargo, he developed economic strategies to trade in global financial and commodity futures markets for Eclipse Capital Management. In previous positions, Mr. Christopher supplied international economic perspectives for Wells Fargo Advisors predecessor A.G. Edwards and advised institutional clients of Istanbul-based Global Securities on the oil-based economies of the Caucasus and Central Asia. He has consulted with the governments of Hong Kong, Egypt, Russia, Kazakhstan, and the Kyrgyz Republic on monetary policy issues.

Mr. Christopher received a Bachelor of Arts in Economics and Spanish from Saint Louis University, a Master of Arts in Economics from the University of Rochester, and is a CFA® charterholder. He is based in St. Louis.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

A.G. Edwards was a predecessor company of Wells Fargo Advisors.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Sameer Samana, CFA, Senior Global Market Strategist

Sameer SamanaSameer Samana is a senior global market strategist for Wells Fargo Investment Institute, a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

Mr. Samana produces investment advice with a primary focus on tactical asset allocation, equities and technical analysis. Prior to his current position, he served in a variety of roles including senior international strategist, portfolio manager for the equity portion of Compass Exchange-Traded Fund (ETF) portfolios, and fixed income trader. He has more than 15 years of experience in financial services.

He earned a Bachelor of Arts in Business Administration with a concentration in Finance from Rhodes College and is a CFA® charterholder. Mr. Samana is located in St. Louis.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly-owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing, a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Gary Schlossberg, Global Strategist

Gary SchlossbergGary Schlossberg is a global strategist for Wells Fargo Investment Institute (WFII), a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

Mr. Schlossberg is responsible for identifying global macroeconomic and political trends, their impacts on financial markets, and their potential opportunities and risks for investment portfolios. He conducts internal and external presentations, and he produces market updates, special reports, and white papers that articulate views to help investors meet their long-term financial goals.

Prior to joining WFII, Mr. Schlossberg worked as a senior economist with Wells Fargo Asset Management, the bank's institutional investment manager, and in the bank's Economics Department. He began his career as a researcher with the U.S. Treasury Department and the Federal Reserve Board.

Mr. Schlossberg earned a Masters of Arts in Economics from the Pennsylvania State University and an undergraduate degree from the City College of New York. He is based in San Francisco.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Scott Wren, Senior Global Equity Strategist

Scott WrenScott Wren is senior global market strategist for Wells Fargo Investment Institute, a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

Mr. Wren is a member of the Investment Strategy Committee, which is the team that produces strategy and guidance recommendations for global financial, real asset, and alternatives markets. With his knowledge of the financial markets, he is often quoted in national media outlets including Reuters, The Chicago Tribune, The Los Angeles Times, The Washington Post, The Associated Press, and The Wall Street Journal. He frequently appears in interviews on Bloomberg Television, the Fox Business Network, and CNBC's “Nightly Business Report." Prior to joining Wells Fargo Advisors predecessor A.G. Edwards in 1998, Mr. Wren worked as a senior foreign exchange dealer for The Boatmen's National Bank of St. Louis. He began his career on the trading floor of the Chicago Mercantile Exchange and has over 30 years of financial services experience.

He received a Bachelor of Science in Business Administration from the University of Kansas and a Master of Finance from Saint Louis University. He is located in St. Louis.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Global Asset Allocation Team

Tracie McMillion, CFA, Head of Global Asset Allocation Strategy

Tracie McMillionTracie McMillion is the head of global asset allocation strategy for Wells Fargo Investment Institute, a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

In her current role, Ms. McMillion leads a team that develops capital market assumptions and asset allocation recommendations. She also writes market commentary and analysis. She is frequently quoted in the national media, including The Wall Street Journal, Reuters, Bloomberg Television, and CNBC.

Prior to her current role, she served as an asset allocation strategist and a senior investment research analyst for Wells Fargo and predecessor firms. Earlier in her career, she managed assets for high-net-worth clients and philanthropic organizations.

Tracie earned a Bachelor of Arts in Economics and a Master of Business Administration from the College of William and Mary in Virginia. She is a CFA® charterholder and member of the CFA North Carolina Society.

Ms. McMillion is located in Winston-Salem, North Carolina.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Chris Haverland, CFA, Global Asset Allocation Strategist

Chris HaverlandChris Haverland is a global asset allocation strategist for Wells Fargo Investment Institute, a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

Mr. Haverland is responsible for thought leadership on the economy, financial markets, investment strategy, and asset allocation. He researches timely investment topics and produces market updates, special reports, white papers, podcasts, and webcasts that articulate strategies to help investors meet their long-term financial goals. Other responsibilities include developing capital market assumptions and strategic asset allocations, providing tactical advice, conducting asset class research, assisting in portfolio management, writing commentary for investment publications, and providing investment guidance for financial advisors and investors. He is a member of the Global Investment Strategy Committee and the Equity Strategy Team.

Prior to joining Wells Fargo, Mr. Haverland was a portfolio manager, corporate bond analyst, and trader at Jefferson Pilot Financial (now part of Lincoln Financial), where he managed $2.6 billion in fixed-income assets. He has more than 20 years of financial services experience.

Mr. Haverland earned a Masters of Business Administration from Elon University and a Bachelor of Science in Business Administration from Appalachian State University. He is a CFA® charterholder and is a member of the CFA North Carolina Society. Mr. Haverland is located in Winston-Salem, North Carolina.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Michael Taylor, CFA, Investment Strategy Analyst

Michael TaylorMichael Taylor is an investment strategy analyst for Wells Fargo Investment Institute (WFII), a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. WFII serves Wealth and Investment Management, a division of Wells Fargo comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

In his current role, Mr. Taylor focuses on global asset allocation strategy and economic and market analysis. His work contributes to WFII publications. Mr. Taylor has more than 20 years of experience in financial services and has spent the past 17 years at Wells Fargo in various roles within wealth and brokerage.

Mr. Taylor earned a Bachelor of Science in Chemistry from the University of Minnesota Institute of Technology, a Bachelor of Arts in Chinese and a Bachelor of Arts in Russian both from the University of Minnesota College of Liberal Arts, and a Master of Business Administration from the University of Minnesota Carlson School of Management. During his undergraduate and graduate coursework, he studied at Nankai University in Tianjin and Cheung Kong Graduate School of Business in Shanghai. Mr. Taylor is a CFA® charterholder and member of the CFA® Houston Society. He is based in Houston.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Veronica Willis, Investment Strategy Analyst

Veronica WillisVeronica Willis is an investment strategy analyst for Wells Fargo Investment Institute, a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves clients of Wealth and Investment Management, a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

In her role, Ms. Willis assists in research and development of asset allocation recommendations and analysis of financial markets. Prior to her current role, she served as a research analyst for strategy around developed and emerging countries, commodities, and currencies. She began her career at Wells Fargo in 2012 and is an active member of several team member networks including the Wells Fargo My Generation Team Member Network, Women's Team Member Network, and Black/African American Connection.

Ms. Willis earned a Bachelor of Arts in Mathematics with a concentration in Statistics and a Bachelor of Arts in Spanish with a minor in Economics from Washington University in St. Louis. She is based in St. Louis.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Michelle Wan, CFA, Investment Strategy Analyst

Michelle WanMichelle Wan is an investment strategy analyst for Wells Fargo Investment Institute, a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

In her current role, Ms. Wan researches and writes on investment topics and focuses on global asset allocation. She previously served as a client-facing investment strategist managing investment portfolios and recommending investment strategies based on clients' specific situations. Ms. Wan has more than 15 years of experience working with wealth management clients and commercial companies in the U.S. and overseas.

Ms. Wan earned a Bachelor of Science in Business from the Carlson School of Management at the University of MN. She has a double major in Finance and Accounting, and a minor in Economics. Ms. Wan is also a CFA® charterholder.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Global Equity Strategy Team

Chris Haverland, CFA, Global Asset Allocation Strategist

Chris HaverlandChris Haverland is a global asset allocation strategist for Wells Fargo Investment Institute, a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

Mr. Haverland is responsible for thought leadership on the economy, financial markets, investment strategy, and asset allocation. He researches timely investment topics and produces market updates, special reports, white papers, podcasts, and webcasts that articulate strategies to help investors meet their long-term financial goals. Other responsibilities include developing capital market assumptions and strategic asset allocations, providing tactical advice, conducting asset class research, assisting in portfolio management, writing commentary for investment publications, and providing investment guidance for financial advisors and investors. He is a member of the Global Investment Strategy Committee and the Equity Strategy Team.

Prior to joining Wells Fargo, Mr. Haverland was a portfolio manager, corporate bond analyst, and trader at Jefferson Pilot Financial (now part of Lincoln Financial), where he managed $2.6 billion in fixed-income assets. He has more than 20 years of financial services experience.

Mr. Haverland earned a Masters of Business Administration from Elon University and a Bachelor of Science in Business Administration from Appalachian State University. He is a CFA® charterholder and is a member of the CFA North Carolina Society. Mr. Haverland is located in Winston-Salem, North Carolina.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Ken Johnson, CFA, Investment Strategy Analyst

Kenneth JohnsonKen Johnson is an investment strategy analyst for Wells Fargo Investment Institute, a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

Mr. Johnson is responsible for analysis of the economy, financial markets, investment strategy, and asset allocation. His work contributes to Wells Fargo Investment Institute investment strategy publications. Prior to his current role, he served as a wealth planner for the Mid-Atlantic region of Wells Fargo Private Bank where he worked with clients to develop custom wealth plans based on a thorough understanding of their personal values, assets, wealth transfer goals, and vision for their legacy. Prior to joining Wells Fargo, Mr. Johnson worked as an investment accounting analyst for Blue Cross Blue Shield of Michigan.

Mr. Johnson earned a Bachelor of Science in Finance from Wayne State University in Detroit, Michigan, and is a CFA® charterholder. He is also a member of the Securities Industry Institute (SII), Wharton executive education program for financial industry leaders. He is located in Charlotte, North Carolina.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Mark Litzerman, CFA, Head of Global Portfolio Management

Mark LitzermanMark Litzerman is the head of Global Portfolio Management (GPM) for Wells Fargo Investment Institute (WFII), a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. WFII serves clients of Wealth and Investment Management (WIM), a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

In his role, Mr. Litzerman leads GPM, a centralized investment portfolio management team comprised of 17 investment professionals. Mr. Litzerman and his team leverage research and guidance from WFII's Global Investment Strategy, Global Alternative Investments, and Global Manager Research teams to develop, build, and manage portfolio solutions for WIM clients. With his knowledge of investment strategy, Mr. Litzerman has been quoted in various media outlets.

Previously, Mr. Litzerman was the co-head of Real Asset Strategy for WFII and was part of the leadership team that developed strategic and tactical asset allocation recommendations and market commentary for real assets, which includes real estate investment trusts and master limited partnerships. He was also responsible for global equities, with specific responsibility for small- and mid-cap U.S. stocks. Prior to joining Wells Fargo in 2006, Mr. Litzerman served in a variety of investment strategy positions, including director of research and chief investment officer for Hale & Dorr Capital Management, portfolio management team leader for Mellon Private Asset Management, and director of equities for First NH Investment Services. He has over 30 years of experience in financial services.

Mr. Litzerman earned a Bachelor of Arts in Communications from Purdue University, a Master of Business Administration in Finance from the University of New Hampshire, and is a CFA® charterholder. He is based in Charlotte, North Carolina.

Global Portfolio Management (GPM), Global Alternative Investments (GAI), Global Manager Research (GMR), and Global Investment Strategy (GIS) are divisions of Wells Fargo Investment Institute, Inc. (WFII).

WFII is a registered investment adviser and wholly-owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing, a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Sameer Samana, CFA, Senior Global Market Strategist

Sameer SamanaSameer Samana is a senior global market strategist for Wells Fargo Investment Institute, a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

Mr. Samana produces investment advice with a primary focus on tactical asset allocation, equities and technical analysis. Prior to his current position, he served in a variety of roles including senior international strategist, portfolio manager for the equity portion of Compass Exchange-Traded Fund (ETF) portfolios, and fixed income trader. He has more than 15 years of experience in financial services.

He earned a Bachelor of Arts in Business Administration with a concentration in Finance from Rhodes College and is a CFA® charterholder. Mr. Samana is located in St. Louis.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly-owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing, a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Global Fixed Income Strategy Team

Brian Rehling CFA, Head of Global Fixed Income Strategy

Brian RehlingBrian Rehling is the head of global fixed-income strategy for Wells Fargo Investment Institute, a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

In his role, Mr. Rehling focuses on global fixed-income asset allocation, strategy guidance, and the interest rate outlook. He maintains a strong connection to the more than 15,000 Wells Fargo Advisors, Wells Fargo Private Bank, and Abbot Downing advisors through in-depth bond market publications and speaking engagements for a wide range of retail and institutional clients. Mr. Rehling is frequently quoted in national media outlets including The Wall Street Journal, The New York Times, Barron's, Bloomberg Television, Fox Business Network, CNBC, CNN Money, and MarketWatch.

Mr. Rehling has extensive investment strategy experience and has spent more than 20 years in leadership roles at Wells Fargo Advisors and predecessor firms working with retail, high-net-worth, ultra-high-net-worth, and institutional clients. He earned a Bachelor of Science in Business Administration with a focus in Finance from the University of Missouri and is a CFA® charterholder. Mr. Rehling is based in St. Louis.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Luis Alvarado, Investment Strategy Analyst

Luis Alvarado Luis D. Alvarado is an investment strategy analyst for Wells Fargo Investment Institute (WFII), a subsidiary of Wells Fargo Bank N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

In his role, Mr. Alvarado researches and analyzes economic and market trends for the investment strategy team. He contributes to several WFII publications, including Global Investment Strategy Reports, white papers, and special reports. In addition, he helps maintain the WFII library of economic and market charts. Mr. Alvarado joined the investment strategy team in 2012 from Wells Fargo Advisors where he served as a client service associate, supporting the sales and trading functions for brokerage clients. Prior to Wells Fargo Advisors, Mr. Alvarado worked as a personal banker in Los Angeles.

Mr. Alvarado earned a Bachelor of Science in Business Administration from the Universidad de Costa Rica and a Master of Science in Financial Analysis from the University of San Francisco, and is currently a Level II candidate in the CFA® Program. In 2014, he was named as one of Forbes “30 under 30: Finance," a list that honors “men and women who are already making their mark at leading investment banks, hedge funds and other financial firms." He is located in San Francisco.

Global Investment Strategy is a division of Wells Fargo Investment Institute, Inc. (WFII). Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Peter Wilson, Global Fixed Income Strategist

Peter WilsonPeter Wilson is a global fixed-income strategist for Wells Fargo Investment Institute (WFII), a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves clients of Wealth and Investment Management, a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

Mr. Wilson researches and analyzes economic and market trends to develop investment recommendations. He contributes to WFII publications including market updates, white papers, and special reports. Prior to joining Wells Fargo in 2012, Mr. Wilson worked for Nomura International Limited and Mitsubishi Securities in a variety of roles including multi-currency strategist and bond salesman. He has more than 25 years of experience in financial services.

Mr. Wilson earned a Bachelor of Arts in Modern Languages and a Master of Philosophy in Latin-American Studies (Politics and Economics) from St. Peter's College, Oxford. He is based in London.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly-owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.

In the United Kingdom, Wells Fargo Investment Institute is a trade name for investment services made available to certain Wells Fargo & Company affiliates & subsidiaries, including Wells Fargo Securities International Limited (WFSIL). Wells Fargo Securities International Limited is authorized and regulated by the UK Financial Conduct Authority.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing, a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Global Real Assets Strategy Team

John LaForge, Head of Real Asset Strategy

John LaForgeJohn LaForge is the head of real asset strategy for Wells Fargo Investment Institute, a wholly-owned subsidiary of Wells Fargo Bank N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

Mr. LaForge is part of the leadership team that develops recommendations and market commentary for real assets, including commodities, real estate investment trusts, and master limited partnerships. In his role, he provides commentary and strategy across the commodity spectrum, covering the most widely followed energy, metal, agricultural, and soft groups. Mr. LaForge has been featured in various media outlets including The Wall Street Journal, The New York Times, USA Today, CNBC, and Bloomberg Television.

Prior to joining Wells Fargo Investment Institute, Mr. LaForge spent seven years at Ned Davis Research as chief commodity strategist. Prior to that, he managed $1.2 billion across seven mutual/hedge funds under multiple client platforms for Phoenix Investment Partners. Mr. LaForge has focused primarily on asset management and investment research during his 27 years of investment experience.

Mr. LaForge earned a Bachelor of Science in Finance and Master of Business Administration from the University of Tampa. He is based in Sarasota, Florida.

Global Investment Strategy is a division of Wells Fargo Investment Institute, Inc. (WFII). WFII is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Abbot Downing and the Private Bank provide products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Austin Pickle, Investment Strategy Analyst


Austin PickleAustin Pickle is an investment strategy analyst for Wells Fargo Investment Institute, a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves clients of Wealth and Investment Management, a division of Wells Fargo comprised of Wells Fargo Private Bank, Wells Fargo Advisors, Wells Fargo Institutional Retirement & Trust, and Abbot Downing businesses.

Mr. Pickle is an investment strategy analyst for the global real assets strategy team headed by John Laforge. The team develops strategic and tactical asset allocation recommendations and market commentary for real assets, which includes real estate investment trusts (REITs), master limited partnerships (MLPs), and commodities. Prior to joining Wells Fargo Investment Institute, Mr. Pickle held a variety of roles over eight years with Fidelity Investments, most recently as a fixed income specialist analyzing and constructing bond portfolios for high net worth clients.

Mr. Pickle earned a Minor in Mathematics, a Bachelor of Arts in Business Administration and a Master of Arts in International Business from the University of Florida in Gainesville, FL. He is also a CFA® Charterholder. He is located in Sarasota, FL.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Institutional Retirement & Trust is a business unit of Wells Fargo Bank, N.A.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Global Alternative Investments 

Rob Coltrin, Director of Business Strategy


Rob ColtinRob Coltrin is the director of business strategy for Global Alternative Investments (GAI), a division of Wells Fargo Investment Institute. GAI manages proprietary and non‐proprietary alternative investment products and services—including private equity, private debt, private real estate hedge funds, managed futures and option strategies offerings—that can complement traditional investment portfolios.

In his current role, Mr. Coltrin focuses on GAI business strategy and management. He joined Wells Fargo & Company in 1998. Prior to his current role, Mr. Coltrin held various positions within Wells Fargo, including business management and product development roles for alternative investments, separate accounts, and mutual funds. He has more than 21 years of experience in financial services.

Mr. Coltrin earned a Bachelor of Arts in Finance from the University of North Carolina at Wilmington and holds Series 7, Series 24, and Series 63 securities registrations. He is located in Charlotte, North Carolina.

Options involve risk and are not suitable for all investors. Before opening an option position, a person must receive a copy of “Characteristics and Risks of Standardized Options.” This document is available from your financial advisor or the Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, Illinois 60606. Please read it carefully before investing.

Option Strategies are provided by the Option Strategies Group (OSG). OSG is a group within Global Alternative Investments. Global Alternative Investments (GAI) is a division of Wells Fargo Investment Institute (WFII). WFII is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company. Global Alternative Investment Services, Inc. is a registered broker-dealer that acts as placement agent for certain funds and provides wholesaling support services to GAI.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

James Sweetman, Senior Global Alternative Investment Strategist


James SweetmanJames W. Sweetman is a senior global alternative investment strategist for Global Alternative Investments (GAI), a division of Wells Fargo Investment Institute. GAI manages proprietary and non‐proprietary alternative investment products and services—including derivative strategies, hedge funds, managed futures, commodities, private equity, and private real estate offerings—that complement traditional investment portfolios.

In his role, Mr. Sweetman formulates and leads strategy and asset allocation guidance for GAI representing alternative investments. His responsibilities include the development and management of recommended strategy/manager blends, idea generation, manager sourcing, platform management and collaborating and partnering within the Wells Fargo Investment Institute in support of Wells Fargo Wealth and Investment Management.

Prior to joining Wells Fargo in January 2006, he worked with Bank of New York's BNY Alternative Investment Services group and Prudential Financial in a variety of investment research, relationship management and strategy roles. He has more than 27 years of experience in financial services beginning his professional career in July 1992.

Mr. Sweetman earned a Bachelor of Business Administration from Baruch College, The City University of New York. He is an active member of the Managed Funds Association and holds Series 24, Series 7, Series 63, and Series 3 registrations. He is located in Charlotte, North Carolina.

Global Alternative Investments (GAI) is a division of Wells Fargo Investment Institute, Inc. (WFII). WFII is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Justin Lenarcic, CAIA, Global Alternative Investment Strategist


Justin LenarcicJustin Lenarcic is a global alternative investment strategist for Global Alternative Investments (GAI), a division of Wells Fargo Investment Institute. GAI manages proprietary and non‐proprietary alternative investment products and services—including derivative strategies, hedge funds, private debt, private equity, and private real estate offerings—that complement traditional investment portfolios.

In his current role, Mr. Lenarcic researches alternative strategies, including developing strategy convictions, sourcing, constructing recommended portfolios, and publishing alternative investment commentary. Prior to joining Wells Fargo in 2007, Mr. Lenarcic worked as a quantitative equity analyst. He has more than 16 years of experience in financial services.

Mr. Lenarcic earned a Bachelor of Arts in History from the University of North Carolina at Chapel Hill. He is a Chartered Alternative Investment Analyst (CAIA℠) designee and is located in Charlotte, North Carolina.

Global Alternative Investments (GAI) is a division of Wells Fargo Investment Institute, Inc. (WFII). WFII is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Yegin Chen, Ph.D., Senior Global Alternative Investment Strategist


Yegin ChenE. Yegin Chen is a senior global alternative investment strategist for Global Alternative Investments (GAI), a division of Wells Fargo Investment Institute (WFII). GAI manages proprietary and non‐proprietary alternative investment products and services— including private capital funds, hedge funds, and option strategies —that can complement traditional investment portfolios.

In his role, Mr. Chen formulates strategy regarding private equity, private debt, and private real estate funds; sources, selects, and conducts due diligence on investment opportunities in these areas; and represents GAI at the limited partner advisory committee (LPAC) meetings of several private capital funds. He authors WFII articles and publications on private capital, and also plays an active role in evaluating and monitoring WFII's pre-IPO fund transactions.

Prior to joining Wells Fargo in 2016, he managed the private equity portfolio of the San Diego County pension plan and worked at private equity firms in Asia.

Mr. Chen earned B.A. and B.S. degrees from Stanford University and a Ph.D. from the Massachusetts Institute of Technology Sloan School of Management. He is located in Charlotte, North Carolina.

Options involve risk and are not suitable for all investors. Before opening an option position, a person must receive a copy of “Characteristics and Risks of Standardized Options.” This document is available from your financial advisor or the Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, Illinois 60606. Please read it carefully before investing.

Option Strategies are provided by the Option Strategies Group (OSG). OSG is a group within Global Alternative Investments. Global Alternative Investments (GAI) is a division of Wells Fargo Investment Institute (WFII). WFII is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company. Global Alternative Investment Services, Inc. is a registered broker-dealer that acts as placement agent for certain funds and provides wholesaling support services to GAI.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Global Manager Research

Gregory T. Maddox, Head of Global Manager Research

Greg MaddoxGreg Maddox is the head of Global Manager Research (GMR), a division of Wells Fargo Investment Institute. Wells Fargo Investment Institute (WFII), a subsidiary of Wells Fargo Bank N.A., is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. In this role, Mr. Maddox is responsible for managing a global team of investment professionals charged with screening, selecting, and overseeing the money managers used throughout Wells Fargo Advisors, Wells Fargo Private Bank, and Abbot Downing.

Mr. Maddox’s team is responsible for overseeing approximately $500 billion in assets. In addition to serving on WFII’s Operating Committee, Mr. Maddox also chairs WFII’s Due Diligence Committee and is a voting member on WFII’s Global Investment Strategy and Investment Risk Committees. Previously, Mr. Maddox was the Head of Manager Research for Wells Fargo Private Bank where, in addition to manager selection, he was also responsible for the management and delivery of Wells Fargo’s “Guided Portfolios,” a series of 28 taxable and tax sensitive investment models used nationwide throughout Wells Fargo Private Bank.

Over the course of his career, Mr. Maddox has helped to create and distribute over a dozen different mutual fund, variable annuity, and hedge fund products for organizations such as banks, insurance companies and independent investment advisors and has served as the Chief Accounting Officer, Treasurer, Vice President and President of many of these funds.

Mr. Maddox holds a BBA in Finance from Kent State University and is past President of Hamilton Families, a homeless shelter dedicated to serving families in the San Francisco Bay Area. He is located in San Francisco, California.

Global Manager Research (GMR) is a division of Wells Fargo Investment Institute, Inc. (WFII). WFII is a registered investment advisor and wholly owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.

Abbot Downing, a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company

Sage Lincoln, Senior Research Director


Sage LincolnSage Lincoln is a senior research director for Global Manager Research (GMR), a division of Wells Fargo Investment Institute The GMR team conducts due diligence and provides research on the third-party money managers used throughout Wells Fargo's brokerage, private banking, family wealth, and retirement businesses.

In her role, Ms. Lincoln serves as the asset class lead for real assets and focuses the majority of her research in that area. Prior to joining Wells Fargo, Ms. Lincoln worked at Offit Hall Capital Management, focusing on absolute return hedge funds. She has been in financial services for more than 15 years and has held positions at the International Bank for Reconstruction and Development and Bear Stearns.

Ms. Lincoln earned both a Master of Arts in Latin American Studies/Economics from Georgetown University School of Foreign Service and a Master of Arts in French from Middlebury College, School of French. She has also earned a Bachelor of Arts in French from Mount Holyoke College. She is based in San Francisco and resides with her family in Orinda, California.

Global Manager Research (GMR) is a division of Wells Fargo Investment Institute, Inc. (WFII). WFII is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Kevin Sullivan, CFA, Senior Research Director


Kevin SullivanKevin Sullivan is a senior research director for Global Manager Research (GMR), a division of Wells Fargo Investment Institute. The GMR team conducts due diligence and provides research on the third-party money managers used throughout Wells Fargo's brokerage, private banking, family wealth, and retirement businesses.

In his role, Mr. Sullivan serves as team leader for global equities. Prior to joining Wells Fargo in 2013, Mr. Sullivan worked with Bloomberg LP as an investment strategist and senior research analyst. Prior to Bloomberg, Mr. Sullivan led the Manager Research Group at UBS. Early in his career, he worked as a sell-side equity analyst, and later as a buy-side equity analyst for a long-short equity hedge fund. He has more than 25 years of experience in financial services.

Mr. Sullivan earned a Bachelor of Science in Business Administration from University at Albany and a Masters of Business Administration in Finance from Stern School of Business at New York University. He is a CFA® charterholder and is located in New York City.

Global Manager Research (GMR) is a division of Wells Fargo Investment Institute, Inc. (WFII). WFII is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Hazlitt Gill, Senior Research Director


Hazlitt GillHazlitt Gill is a senior research director for Global Manager Research (GMR), a division of Wells Fargo Investment Institute. The GMR team conducts due diligence and provides research on the third-party money managers used throughout Wells Fargo's brokerage, private banking, family wealth, and retirement businesses.

In his role, Mr. Gill oversees the investment manager research for alternative investments. Prior to joining Wells Fargo, Mr. Gill was the chief investment officer for RLJ Select Investments LLC. He has more than 20 years of experience in the financial services industry.

Mr. Gill earned both a Master's of Science in Operations Research and Statistics and a Bachelor's of Science in Mechanical Engineering from Rensselaer Polytechnic Institute. He resides in Charlotte, North Carolina.

Global Manager Research (GMR) is a division of Wells Fargo Investment Institute, Inc. (WFII). WFII is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Todd Noel, CFA, Senior Research Director

Todd NoelTodd Noel is a senior research director for Global Manager Research (GMR), a division of Wells Fargo Investment Institute. The GMR team conducts due diligence and provides research on the third-party money managers used throughout Wells Fargo's brokerage, private banking, family wealth, and retirement businesses.

In his role, Mr. Noel oversees global fixed-income and global multi-asset research. He joined Wells Fargo in 1999 and has more than 20 years of experience in the financial services industry, with more than 15 of those years in manager research roles. Prior to joining Wells Fargo, Mr. Noel worked as an engineer in manufacturing and distribution for six years.

Mr. Noel earned a Master of Business Administration from Washington University in St. Louis and a Bachelor of Science in Industrial Engineering from Purdue University. Mr. Noel is a CFA® charterholder and member of the CFA Society of St. Louis. He resides in St. Louis, Missouri.

Global Manager Research (GMR) is a division of Wells Fargo Investment Institute, Inc. (WFII). WFII is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Michael Paciullo, Research Director

Michael PaciulloMichael Paciullo is a research director for Global Manager Research (GMR), a division of Wells Fargo Investment Institute. The GMR team conducts due diligence and provides research on the third-party money managers used throughout Wells Fargo's brokerage, private banking, family wealth, and retirement businesses.

In his role, Mr. Paciullo oversees the operational due diligence function in GMR. Prior to joining Wells Fargo, Mr. Paciullo was Director of Operations at The Archstone Partnerships, a fund of hedge funds located in New York City.

Michael holds an M.B.A. in Finance from Columbia University School of Business and a B.S. in Industrial Engineering from Columbia University School of Engineering. He is based in New York City.

Global Manager Research (GMR) is a division of Wells Fargo Investment Institute, Inc. (WFII). WFII is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Global Portfolio Management

Mark Litzerman, CFA, Head of Global Portfolio Management

Mark LitzermanMark Litzerman is the head of Global Portfolio Management (GPM) for Wells Fargo Investment Institute (WFII), a subsidiary of Wells Fargo Bank, N.A., which is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. WFII serves clients of Wealth and Investment Management (WIM), a division of Wells Fargo & Company comprised of Wells Fargo Private Bank, Wells Fargo Advisors, and Abbot Downing businesses.

In his role, Mr. Litzerman leads GPM, a centralized investment portfolio management team comprised of 17 investment professionals. Mr. Litzerman and his team leverage research and guidance from WFII's Global Investment Strategy, Global Alternative Investments, and Global Manager Research teams to develop, build, and manage portfolio solutions for WIM clients. With his knowledge of investment strategy, Mr. Litzerman has been quoted in various media outlets.

Previously, Mr. Litzerman was the co-head of Real Asset Strategy for WFII and was part of the leadership team that developed strategic and tactical asset allocation recommendations and market commentary for real assets, which includes real estate investment trusts and master limited partnerships. He was also responsible for global equities, with specific responsibility for small- and mid-cap U.S. stocks. Prior to joining Wells Fargo in 2006, Mr. Litzerman served in a variety of investment strategy positions, including director of research and chief investment officer for Hale & Dorr Capital Management, portfolio management team leader for Mellon Private Asset Management, and director of equities for First NH Investment Services. He has over 30 years of experience in financial services.

Mr. Litzerman earned a Bachelor of Arts in Communications from Purdue University, a Master of Business Administration in Finance from the University of New Hampshire, and is a CFA® charterholder. He is based in Charlotte, North Carolina.

Global Portfolio Management (GPM), Global Alternative Investments (GAI), Global Manager Research (GMR), and Global Investment Strategy (GIS) are divisions of Wells Fargo Investment Institute, Inc. (WFII).

WFII is a registered investment adviser and wholly-owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.

Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Abbot Downing, a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

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