Wells Fargo plans to sell its asset management business for over $3 billion after posting 57% drop in 3rd-quarter profit, report says © Spencer Platt / Getty Images Spencer Platt / Getty Images Privacy Policy Financial Advisors of Wells Fargo Advisors may refer clients to the bank for an ongoing or one-time fee. ARK's Cathie Wood: Big Shift From Bonds to Stocks Is Coming, Harry Dent: Market Crash Coming in 2-3 Years; Economy ‘Already Dead’, 33 Undervalued Stock Picks for 2021: Morningstar, 11 Key Pieces of Biden's $1.9T Stimulus Plan. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. The Netherlands. 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Get the latest best practices, relevant stats and industry trends - quickly and easily. Citing “people familiar with the matter,” Reuters reported Thursday that the wirehouse is in exclusive talks to sell its asset management business, which manages over $607 billion for clients, to the consortium. When inquired by Reuters, Wells Fargo declined to comment, while US-based GTCR and Reverence did not respond to requests for comment. Among major U.S. banks, Wells Fargo is a … No part of this site can be reproduced without explicit permission of The Paypers(V2.7). Kevin Braga Realtor at Seven Gables Real Estate Managing Member at JSKB Asset Management. Jeff Arlotti. Wells Fargo Bank, N.A. Wells Fargo reportedly exploring sale of asset management business Wells Fargo fires over 100 staffers for COVID-19 relief abuse Wells Fargo third-quarter profit plunges 57 percent Wells Fargo is close to selling its asset management business, and the likely buyer is a private equity consortium headed by GTCR and Reverence Capital Partners, according to Reuters. The firm welcomed a new group of advisors to its Lincoln, Nebraska branch. Wells Fargo (WFC +3.1%) is in exclusive talks to sell its asset management business to a private equity group led by GTCR LLC and Reverence Capital … Terms and Conditions, For optimum operation, this website makes use of cookies. Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. The exact price being negotiated could not be learned, but Reuters previously reported that Wells Fargo was seeking more than USD 3 billion for the unit. Kevin Braga. He has been cutting costs and shedding noncore businesses. Investment products and services are offered through Wells Fargo Advisors. REUTERS: Wells Fargo is in exclusive talks to sell its asset management business, which manages more than US$607 billion on behalf of customers, to a … Propelling the Advisor-Client Journey with a Robust Client Portal. Wells Fargo Advisors is the trade name used by Wells Fargo Clearing Services, LLC and WFAFN, Member SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. Wells Fargo declined to comment. The Paypers is the Netherlands-based leading independent source of news and intelligence for professionals in the global payment community. Reuters did not report Thursday how much the consortium is expected to pay for the Wells Fargo division. Chicago-based GTCR and New York-based Reverence did not respond to requests for comment. Wells Fargo also said early this month it’s exiting the wealth management business outside the U.S. in a move intended primarily to simplify and focus on its core domestic business. Learn more about our capabilities. Wells Fargo Asset Management provides the expertise, strategies, and portfolio solutions you need to achieve your investment goals. More Reasons to Rethink the 60/40 Portfolio, Schwab Launches 2 Custom-Built Variable Annuities: Portfolio Products, Wells Fargo Wealth Unit Boosts Profits, Releases More Advisor Data, Sign Up for the Inside Wealth Management Newsletter, Sign Up for the Career Advantage Newsletter. Wealth and Investment Management. Not FDIC Insured • No bank guarantee • May lose value. Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. Also, Direxion rolls out World Without Waste ETF. 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