Under the terms of the agreement, the purchase price is $2.1 billion
Wells Fargo sells its asset management unit. Source: facebook.com
Wells Fargo has entered into an agreement to sell Wells Fargo Asset Management (WFAM) to GTCR and Reverence Capital Partners.
This sale includes Wells Fargo Bank N.A.’s business of acting as trustee to its collective investment trusts and all related WFAM legal entities.
The transaction is expected to close in H2 2021, subject to customary closing conditions.
As part of the transaction, Wells Fargo will own a 9.9% equity interest and will continue to serve as an important client and distribution partner.
WFAM and its investment teams provide a broad range of differentiated investment products and solutions to help its diverse range of clients meet their investment objectives.
According to information, upon closing of the transaction, the new, independent company will be rebranded.
Nico Marais, WFAM’s CEO since June 2019, will remain CEO. He and his leadership team will continue to oversee the business.
Joseph A. Sullivan, former chairman and CEO of Legg Mason, will be appointed as executive chairman of the board of the new company following the closing of the transaction.
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