Wells Fargo to reportedly sell asset management business, Reuters

Friday 15 January 2021 15:44 CET | News

Wells Fargo has reportedly began talks to sell its asset management business, which manages more than USD 607 billion on behalf of customers, to a private equity consortium, Reuters reports.

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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Keywords: Wells Fargo, Reuters, asset management, private equity, M&A, GTCR, Reverence
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech