Wells Fargo AM bought by private equity pair for $2.1bn

Wells Fargo to retain 9.9% equity stake

Wells Fargo Asset Management (WFAM) has been sold to GTCR and Reverence Capital Partners for $2.1bn, subject to customary closing conditions.

The sale is expected to be completed in the second half of 2021 and will see the private equity buyers assume $603bn in assets under management, 24 offices globally and more than 450 investment professionals. Wells Fargo eyes $3bn sale of asset management business - reports Wells Fargo will own a 9.9% equity interest in its former asset management house and will continue to serve as both a client and distribution partner. Nico Marais will remain CEO of the firm, a role he has held since 2019, and will be joined by his leadership team , while former chairman and CEO of Legg Mason Jo...