Wells Fargo Asset Management is buying Los Angeles-based investment firm Analytic; the first acquisition under the new leadership of Kristi Mitchem.

Financial terms weren't disclosed by either party although the purchase is set to be completed by October and add $15bn of assets onto Well Fargo's books.

Analytic offers quantitatively-based equity investment solutions, including risk reduction, relative benchmark and absolute return strategies to institutional clients.

“This transaction brings Analytic’s well-regarded and innovative quantitative investment team together with WFAM’s fundamentally research-based investment capabilities and deep institutional investor relationships,” said Kristi Mitchem, chief executive of Wells Fargo Asset Management.

Mitchem joined the firm in April from State Street Global Advisors (SSGA) where she served as executive vice president.

Harin de Silva, president of Analytic, added: “We are excited to become part of a leading global asset management firm connected with one of the strongest and best regarded financial companies in the world."

“Wells Fargo Asset Management has a long history of allowing acquired firms full independence and control of their investment process. The two organizations also align well in their shared culture of placing clients at the center of everything we do.”