WFC, Wells Fargo & Co.,
said Tuesday it has agreed to sell Wells Fargo Asset Management to private equity firms GTCR LLC and Reverence Capital Partners LP for $ 2.1 billion. The deal is expected to close in the second half. The asset manager has $ 603 billion in assets under management, 24 offices worldwide and teams backed by more than 450 investment professionals, the company said in a statement. Wells Fargo will continue to own a 9.9% stake in the company and serve as a customer and distribution partner. Once the transaction is closed, the new company will be renamed. Nico Marais will continue to be CEO, as he has been since June 2019. Joseph A. Sullivan, former chairman and CEO of Legg Mason, will become executive chairman. Shares of Wells Fargo fell 0.5% before the market and fell 22% over the past 12 months, while the S&P 500 SPX,
achieved 16%.
