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2/23, 12:24 PM (Source: TeleTrader)
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Wells Fargo sells asset management unit for $2B

Wells Fargo & Co. announced on Tuesday that it will sell its asset management business to GTCR LLC and Reverence Capital Partners L.P. for $2.1 billion.

The transaction, which is subject to customary closing conditions, is expected to close in the second half of 2021. The lender will keep a 9.9% equity interest in the firm.

"Through this new partnership, our business will be even better positioned to execute our strategy and provide our clients with innovative products and solutions to help them reach their investment goals," Nico Marais, chief executive of Wells Fargo Asset Management said.

Breaking the News / MD