Carol Schleif has been named as deputy chief investment officer at Abbot Downing, with Joe Rorke succeeding her as regional CIO of the firm in the Midwest.

Abbot Downing, Wells Fargo's ultra high net worth business, has appointed its Midwest regional president, Carol Schleit, to the newly-created role of deputy chief investment officer.

Schlief will be replaced in her former role by Joe Rorke, who the firm said brings experience in private placements, venture capital and energy/mineral interest, and other non-traditional asset classes.

In her new position, Schleif will work on firm-wide asset management strategies and product management. Other roles she has held previously include partner and investment principal at Lowry Hill (predecessor firm to Abbot Downing), and before that director of investment research and a senior analyst at John G Kinnard & Company. Earlier still, she was a research officer at First Trust Company, having started her career in 1983 as a market strategist at Piper Jaffray & Hopwood.

As a regional chief investment officer, Rorke will provide investment management solutions including fixed income, equity and complementary strategies. He has 20 years of experience as a senior portfolio manager and investment strategist at Wells Fargo Private Bank, having previously worked at a family-owned bank, managing the personal assets and the equity assets of the trust department.

Abbot Downing, with $37 billion in client assets, is part of Wells Fargo’s Wealth and Investment Management group. In other recent news at the firm, in May it took on Nancy Amick as a leadership coach to focus on succession planning and the development of next-generation family business leaders (see here).