Wells Fargo to sell asset management arm to PE firms

In a $2.1 billion deal slated to close in the second half of this year, Wells Fargo Asset Management will be sold to private equity firms GTCR and Reverence Capital Partners, according to a corporate announcement made today.

The asset management unit offers both traditional asset and alternative investment strategies and has $603 billion in assets under management that is managed across 24 offices worldwide.

“Operating as an independent firm as a portfolio company of GTCR and Reverence Capital will provide numerous benefits to WFAM’s clients, employees and strategic partners -- including Wells Fargo . . .

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