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Wells Fargo sells asset-management unit to private equity firms for $2.1-billion David French and Noor Zainab Hussain Reuters Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account Getting audio file . This translation has been automatically generated and has not been verified for accuracy. Full Disclaimer Wells Fargo & Co said on Tuesday it had agreed to sell its asset management business, which manages more than $603 billion on behalf of customers, to private equity firms GTCR LLC and Reverence Capital Partners for $2.1 billion. The sale represents the biggest shake-up at the U.S. bank since former Bank of New York Mellon top boss Charles Scharf joined as chief executive officer in 2019. Reuters reported in January that a Wells Fargo deal with the buyout firms was close.

Collin rocheMilton berlinskiJoseph sullivanNico maraisMeagher flomCharles scharfKirkland ellisLegg masonWells fargo coWells fargoReverence capital partnersNew york mellonFrancisco based wells fargoDirector collin rocheCapital managing partner milton berlinskiFargo securities