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23 Feb, 2021 12:39 23 Feb, 2021 12:39

Wells Fargo to sell asset management business for $2.1bn

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Wells Fargo said on Tuesday that it has agreed to sell its asset management business to private equity firms GTCR and Reverence Capital Partners for $2.1bn.

As part of the deal, which is expected to close in the second half of this year, Wells Fargo will own a 9.9% equity interest and will continue to serve as a client and distribution partner.

Wells Fargo said its Wealth & Investment Management division has $603bn in asset under management.

Barry Sommers, chief executive officer of the business, said: "Operating as an independent firm as a portfolio company of GTCR and Reverence Capital will provide numerous benefits to WFAM’s clients, employees, and strategic partners - including Wells Fargo.

"At the same time, this transaction reflects Wells Fargo’s strategy to focus on businesses that serve our core consumer and corporate clients, and will allow us to focus even more on growing our wealth and brokerage businesses."


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.