Wells Fargo: sells asset management subsidiary
(CercleFinance.com) - Wells Fargo, the third largest US bank, announced on Tuesday that it will sell its asset management subsidiary Wells Fargo Asset Management (WFAM) to GTCR and Reverence Capital Partners for 2.
1 billion dollars.
In a statement, Wells Fargo explained that the transaction is part of its strategy to focus on its "core" businesses for individual and corporate clients, while continuing to develop its wealth management and brokerage businesses.
At the end of 2020, WFAM managed more than 603 billion dollars in assets through a network of 24 branches and some 450 investment professionals.
Wells Fargo says it will retain a 9.9% stake in its former subsidiary, for which it will remain a major client and distribution partner.
The transaction is expected to be completed in the second half of the year.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
1 billion dollars.
In a statement, Wells Fargo explained that the transaction is part of its strategy to focus on its "core" businesses for individual and corporate clients, while continuing to develop its wealth management and brokerage businesses.
At the end of 2020, WFAM managed more than 603 billion dollars in assets through a network of 24 branches and some 450 investment professionals.
Wells Fargo says it will retain a 9.9% stake in its former subsidiary, for which it will remain a major client and distribution partner.
The transaction is expected to be completed in the second half of the year.
Copyright (c) 2021 CercleFinance.com. All rights reserved.