Wells Fargo Wealth & Investment Management (WIM) has rolled out its own proxy voting service for client accounts where it holds both investment discretion and proxy voting authority.
Under the new arrangement, WIM will determine proxy votes for these assets using a policy and set of instructions it has developed.
The US-based bank said this approach is aimed at increasing the independence of its voting activities and clients’ economic interests.
This internal system, which is now in effect for the current proxy season, is meant to simplify the proxy process and reduce reliance on external firms.
To support the transition, WIM is expanding its use of technology from Broadridge Financial Solutions, which will provide the platform for administering and processing votes.
WIM overse…
Wells Fargo Wealth & Investment Management (WIM) has rolled out its own proxy voting service for client accounts where it holds both investment discretion and proxy voting authority.
Under the new arrangement, WIM will determine proxy votes for these assets using a policy and set of instructions it has developed.
The US-based bank said this approach is aimed at increasing the independence of its voting activities and clients’ economic interests.
This internal system, which is now in effect for the current proxy season, is meant to simplify the proxy process and reduce reliance on external firms.
To support the transition, WIM is expanding its use of technology from Broadridge Financial Solutions, which will provide the platform for administering and processing votes.
WIM oversees $2.5tn in client assets, offering various services such as wealth management, brokerage, lending, private banking, trust, and fiduciary products to affluent and high-net-worth individuals.
WIM chief investment officer Darrell Cronk said: “Offering an in-house proxy voting service allows us to take more direct responsibility for our proxy voting approach and underscores our dedication to delivering the most innovative and effective solutions for our clients.”
“WIM remains steadfast in our commitment to delivering value to clients, empowering them with the tools and resources necessary for successful and engaged investing. We are proud to set new standards for stewardship and client service, and we’re dedicated to providing innovative and effective solutions.”
Earlier this month, the Wall Street Journal reported that JPMorgan Chase’s asset management business has shifted away from external proxy advisory firms.
Instead, it will handle shareholder voting internally using AI tools.
JPMorgan’s asset-management division manages over $7tn in assets and is responsible for voting at thousands of shareholder meetings each year.
"Wells Fargo switches to in-house proxy voting system " was originally created and published by Private Banker International, a GlobalData owned brand.
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