Wells Fargo to Sell Asset Management Division
After months of rumors, Wells Fargo (NYSE: WFC) announced today that it plans to sell its asset management arm to the private equity firms GTCR and Reverence Capital Partners for $2.1 billion.
Under the agreement, Wells Fargo will retain a 9.9% equity stake in the unit, and will continue to be a client and distribution partner.
In selling the unit, Wells Fargo will be off-loading $603 billion in assets under management, 24 offices, and 450 employees. But the move continues the bank's strategy of exiting business lines that are not core to its U.S. franchise.
Source Fool.com
