SAN FRANCISCO (dpa-AFX) - Wells Fargo & Co. (WFC) said that it agreed to sell Wells Fargo Asset Management or WFAM to GTCR LLC and Reverence Capital Partners, L.P.
The sale includes Wells Fargo Bank N.A.'s business of acting as trustee to its collective investment trusts and all related WFAM legal entities. As per the terms of the agreement, the purchase price is $2.1 billion.
The transaction is expected to close in the second half of 2021.
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.
Wells Fargo noted that Nico Marais, WFAM's CEO since June 2019, will remain CEO; he and his leadership team will continue to oversee the business. Joseph 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.
Copyright RTT News/dpa-AFX
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