The consortium in question is led by GTCR and Reverence Capital Partners, according to people familiar with the matter. 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. The talks could still end without a deal, the sources said, requesting anonymity from Reuters because the matter is confidential.
When inquired by Reuters, Wells Fargo declined to comment, while US-based GTCR and Reverence did not respond to requests for comment. The sale of the asset management business a step to turn Wells Fargo around following a years-old sales practices scandal. They have been cutting costs and shedding noncore businesses.
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