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asset management business

Wells Fargo sells asset management arm to private equity firms for $2.1bn

Wells Fargo sells asset management arm to private equity firms for $2.1bn

  • The sale represents the biggest shake-up at the US bank since former Bank of New York Mellon top boss Charles Scharf joined as chief executive officer in 2019.
  • Wells Fargo will own a 9.9% stake in the asset management unit and will continue as a client and distribution partner, the bank said.
Published 23 Feb, 2021 06:17pm