Among major U.S. banks, Wells Fargo is a … Financial Advisors of Wells Fargo Advisors may refer clients to the bank for an ongoing or one-time fee. Wells Fargo reportedly is exploring the sale of its asset-management arm, a business that could fetch more than $3 billion, as it looks to revamp its business. This traditional allocation will not only fall short on returns but actually increase risk, according to BlackRock strategists. We welcome comments that add value to the discussion. Wells Fargo is close to selling its asset management business, and the likely buyer is a private equity consortium headed by GTCR and Reverence Capital Partners, according to Reuters. Wells Fargo reportedly exploring sale of asset management business Wells Fargo fires over 100 staffers for COVID-19 relief abuse Wells Fargo third-quarter profit plunges 57 percent He has been cutting costs and shedding noncore businesses. Preserve wealth with help from advanced tax planning and risk management strategies. All Rights Reserved. The sale of the asset management business is one of many steps taken by Scharf to turn Wells Fargo around following a years-old sales practices scandal. tp:research Kevin Braga Realtor at Seven Gables Real Estate Managing Member at JSKB Asset Management. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Managed Account Services and Wells Fargo Funds. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements. Wells Fargo Asset Management provides the expertise, strategies, and portfolio solutions you need to achieve your investment goals. Advisor Technology Outlook: Questions You Should Be Asking Your Advisor Tech. Wells Fargo Bank, N.A. Earlier in October, Reuters had reported that Wells Fargo is mulling divestiture of its asset management business, which could fetch more than $3 billion. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. Terms and Conditions, For optimum operation, this website makes use of cookies. The asset management division could fetch more than $3 billion, people familiar with the matter said in October. Learn more about our capabilities. Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. He has been cutting costs and shedding noncore businesses. Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. They have been cutting costs and shedding noncore businesses. Wells Fargo was expected to possibly whittle down the auction to one or two suitors after the next round, depending on how good the offers were, the person said. Representatives for Wells Fargo, GTCR and Reverence declined to comment. The sale of the asset management business is one of many steps taken by Scharf to turn Wells Fargo around following a years-old sales practices scandal. Wells Fargo declined to comment. Jeff Arlotti. Reuters did not report Thursday how much the consortium is expected to pay for the Wells Fargo division. Wells Fargo plans to sell its asset management business for over $3 billion after posting 57% drop in 3rd-quarter profit, report says © Spencer Platt / Getty Images Spencer Platt / Getty Images Wells Fargo is close to selling its asset management business, and the likely buyer is a private equity consortium headed by GTCR and Reverence Capital Partners, according to Reuters. He offers value to his clients by providing integrity, knowledge, and experience. Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. Propelling the Advisor-Client Journey with a Robust Client Portal. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. ARK's Cathie Wood: Big Shift From Bonds to Stocks Is Coming, Harry Dent: Market Crash Coming in 2-3 Years; Economy ‘Already Dead’, 33 Undervalued Stock Picks for 2021: Morningstar, 11 Key Pieces of Biden's $1.9T Stimulus Plan. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper. Kevin Braga. Copyright © 2021 ALM Media Properties, LLC. The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about latest developments in the industry. No part of this site can be reproduced without explicit permission of The Paypers(V2.7). Wells Fargo & Co is in exclusive talks to sell its asset management business, which manages more than $607 billion on behalf of customers, to a private equity consortium led by GTCR LLC and Reverence Capital Partners LP, according to people familiar with the matter. Wells Fargo declined to comment. Cookie Statement The divestment would represent the U.S. bank's biggest shake-up since former Bank of New York Mellon Chief Executive … (the “Bank”) offers various advisory and fiduciary products and services including discretionary portfolio management. The best way to deliver quality service is by understanding what clients want from your interactions. As the needs of your clients and prospects change, make sure your technology can keep up. Wells Fargo Advisors is the trade name used by Wells Fargo Clearing Services, LLC and WFAFN, Member SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. The unit could fetch more than $3 billion, according to Bloomberg. When inquired by Reuters, Wells Fargo declined to comment, while US-based GTCR and Reverence did not respond to requests for comment. REUTERS: Wells Fargo is in exclusive talks to sell its asset management business, which manages more than US$607 billion on behalf of customers, to a … The asset management division could be one of many sales for Wells Fargo in 2021, as the bank is also rumored to be considering selling other segments, including its … Bloomberg reported last month that the private equity consortium, Ameriprise Financial and CI Financial Corp. were weighing second-round bids for Wells Fargo’s asset management arm, according to people familiar with the matter. Exclusive discounts on ALM and ThinkAdvisor events. The consortium in question is led by GTCR and Reverence Capital Partners, according to people familiar with the matter. The wealth and investment management division of Wells Fargo, which includes the asset management arm, generated a $463 million profit in the third quarter on total revenue of nearly $… Citing “people familiar with the matter,” Reuters reported Thursday that the wirehouse is in exclusive talks to sell its asset management business, which manages over $607 billion for clients, to the consortium. tp:events, The Paypers The asset management division could fetch more than $3 billion, people familiar with the matter said in October. Chicago-based GTCR and New York-based Reverence did not respond to requests for comment. Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com. Go to Real Estate Asset Management ... Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. When inquired by Reuters, Wells Fargo declined to comment, while US-based GTCR and Reverence did not respond to requests for comment. Representatives for Wells Fargo, GTCR and Reverence declined to comment. New figures released by the bank include the average level of yearly revenues (fees and commissions) per financial advisor. Wells Fargo also said early this month it’s exiting the wealth management business outside the U.S. in a move intended primarily to simplify and focus on its core domestic business. Wells Fargo (WFC +3.1%) is in exclusive talks to sell its asset management business to a private equity group led by GTCR LLC and Reverence Capital … The asset management division could fetch more than $3 billion, people familiar with the matter said in October. Wealth and Investment Management. The Paypers is the Netherlands-based leading independent source of news and intelligence for professionals in the global payment community. The sale of the asset management business a step to turn Wells Fargo around following a years-old sales practices scandal. The firm welcomed a new group of advisors to its Lincoln, Nebraska branch. Prinsengracht 777e Rodriquez Wealth Management is a separate entity from WFAFN. Not FDIC Insured • No bank guarantee • May lose value. --Wells Fargo & Co. is in discussions to sell its asset management business to a private-equity group led by GTCR LLC and Reverence Capital Partners LP, Reuters reported midday Thursday.--Reuters cites unnamed people familiar with the talks.--The price couldn't be determined but Wells Fargo was seeking more than $3 billion previously. Get the latest best practices, relevant stats and industry trends - quickly and easily. He believes these are all important qualities that anyone who seeks a trusted advisor should absolutely require. By providing integrity, knowledge, and portfolio solutions you need to achieve your investment goals Managing Member JSKB... 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