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Capital and GTCR Acquire WFAM
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Wells Fargo Dumps Asset Management Business to Private Equity Firms
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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
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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.
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