Wells Fargo will sell money management unit on $ 2.1 billion deal

Wells Fargo Asset Management will be sold to two private equity firms in a $ 2.1 billion deal.

Parent company Wells Fargo & Co. said Tuesday that it has entered into a definitive agreement to sell the $ 603 billion fund manager to private equity managers GTCR and Reverence Capital Partners. The operation will be completed in the second half of the year, subject to the usual conditions.

Under the agreement, Wells Fargo will own a 9.9% stake and continue to be a major customer and distribution partner, a press release said. The division between GTCR and Reverence could not be learned immediately.

The task will be renamed upon completion of the transaction. Further details were not available.

Nico Marais will remain CEO of WFAM and the leadership team will continue to oversee the …

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