News – USA – Wells Fargo to sell $ 2 billion asset management unit to private equity firms GTCR and Reverence Capital

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An agreement was reached on Tuesday to sell Wells Fargo Asset Management to private equity firms GTCR LLC and Reverence Capital Partners LP for $ 2 billion. The transaction is expected to close in the second half of the year The asset manager, managing $ 603 billion in assets, 24 offices worldwide, and teams supported by more than 450 investment professionals, said the company in a statement with Wells Fargo will continue to own a 9% stake in the company and serve as Customer and sales partner As soon as the deal is closed, the new company will be renamed Nico Marais and will remain CEO Joseph A since June 2019 Sullivan, former chairman and CEO of Legg Mason to become executive chairman Wells Fargo shares fell 05% before entering the market and are down 22% in the past 12 months during the S&P 500
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Wells Fargo, Asset Management, Finance, Private Equity, GTCR

News – United States – Wells Fargo to sell $ 2 billion asset management unit to private equity firms GTCR and Reverence Capital $ 1 billion
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Source: https://www.marketwatch.com/story/wells-fargo-to-sell-asset-management-unit-to-private-equity-firms-gtcr-and-reverence-capital-for-21-billion-2021-02-23