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 firm welcomed a new group of advisors to its Lincoln, Nebraska branch. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper. The asset management division could fetch more than $3 billion, people familiar with the matter said in October. 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 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. Wells Fargo declined to comment. Financial Advisors of Wells Fargo Advisors may refer clients to the bank for an ongoing or one-time fee. 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. Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. Wells Fargo is considering a sale of its asset management unit, which has pushed a shortlist of firms, including Goldman Sachs, to the forefront as … Get the latest best practices, relevant stats and industry trends - quickly and easily. --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. Learn more about our capabilities. The talks could still end without a deal, the sources said, requesting anonymity from Reuters because the matter is confidential. 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. Rodriquez Wealth Management is a separate entity from WFAFN. Among major U.S. banks, Wells Fargo is a … Advisor Technology Outlook: Questions You Should Be Asking Your Advisor Tech. tp:news The sale of the asset management business a step to turn Wells Fargo around following a years-old sales practices scandal. 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 … 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. 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. All Rights Reserved. Advance your career and take your firm's production to the next level with FREE practice-management tips. 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. tp:research New figures released by the bank include the average level of yearly revenues (fees and commissions) per financial advisor. He offers value to his clients by providing integrity, knowledge, and experience. 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. 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. 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 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. Asset managers are responding to a squeeze on fees from cutthroat competition and a shift to passive fund management. Terms and Conditions, For optimum operation, this website makes use of cookies. (the “Bank”) offers various advisory and fiduciary products and services including discretionary portfolio management. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. Wells Fargo’s asset management arm, which managed $578 billion on behalf of customers as of the end of June, could fetch more than $3 billion in … Representatives for Wells Fargo, GTCR and Reverence declined to comment. Kevin Braga. The consortium in question is led by GTCR and Reverence Capital Partners, according to people familiar with the matter. The asset management division could fetch more than $3 billion, people familiar with the matter said in October. 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 $… 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. They have been cutting costs and shedding noncore businesses. Answer these questions to ensure you can increase client satisfaction and prospect engagement in 2021. The Wells Fargo, GTCR and Reverence did not report Thursday how much the consortium is expected to for. Written and submitted by visitors of the Asset Management ( WFAM ) is the Netherlands-based leading source... By visitors of the last 24 hours, LLC short on returns but actually increase risk according! Of Wells Fargo declined to comment, while US-based GTCR and Reverence declined to comment preserve Wealth with help advanced. 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