Wells Fargo Reportedly Close to Deal with Buyout Firms for Asset Management Business
January 14, 2021 at 04:45 pm
Wells Fargo & Company (NYSE:WFC) 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 LLC (Reverence Capital Partners LP), according to people familiar with the matter. The exact price being negotiated could not be learned, but Reuters previously reported that Wells Fargo was seeking more than $3 billion for the unit. The talks could still end without a deal, the sources said, requesting anonymity because the matter is confidential. Wells Fargo declined to comment. GTCR and Reverence did not respond to requests for comment.