Wells Fargo sells its asset management arm
GTCR and Reverence Capital Partners have agreed to buy Wells Fargo Asset Management for $2.1bn
23 February 2021 - 18:16
New York — Wells Fargo plans to sell its asset-management business to two private equity firms, part of CEO Charlie Scharf’s efforts to dump non-essential operations and help the bank emerge from years of scandals.
GTCR and Reverence Capital Partners agreed to buy Wells Fargo Asset Management for $2.1bn, according to a statement on Tuesday. The unit has $603bn of assets under management and employs more than 450 investment professionals...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.