GTCR and Reverence Capital Partners to Acquire Wells Fargo Asset Management
Leading private equity firms to partner with management, portfolio managers, and employees to establish the Wells Fargo unit as an independent company
- As an independent company, Wells Fargo Asset Management will operate with the singular focus of best serving the needs of its global institutional, retirement, and wealth management clients
- GTCR and Reverence Capital are focused on investing in the franchise to support sustained growth of the business, building upon the company s culture of investment performance, innovative solutions, and client service
- The business will continue be led by CEO Nico Marais and other senior managers of WFAM
Wells Fargo To Sell Wells Fargo Asset Management To GTCR And Reverence Capital
SAN FRANCISCO (dpa-AFX) - Wells Fargo & Co. (WFC) said that it agreed to sell Wells Fargo Asset Management or WFAM to GTCR LLC and Reverence Capital Partners, L.P.
The sale includes Wells Fargo Bank N.A. s business of acting as trustee to its collective investment trusts and all related WFAM legal entities. As per the terms of the agreement, the purchase price is $2.1 billion.
The transaction is expected to close in the second half of 2021.
As part of the transaction, Wells Fargo will own a 9.9% equity interest and will continue to serve as an important client and distribution partner.
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