Wells Fargo is considering the sale of its asset management business, which could see it rake in $3bn, according to reports.
The US bank is exploring the sale of its investment management arm, which had $578bn in assets under management as at 30 June, Reuters reported citing sources familiar with the matter. A potential deal has been discussed with asset management companies and private equity firms, the sources said, while warning the divestment is not certain. San Francisco-based Wells Fargo's new CEO Charles Scharf recently told analysts he would clean up the firm's balance sheet by exiting non-core business as he prepares the ground for a turnaround of the franchise. Boutiques to benefit from 'crunch...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes