Wells Fargo agrees USD 2.1 billion asset management sale to GTCR and Reverence

Wells Fargo agreed to sell Wells Fargo Asset Management to GTCR and Reverence Capital Partners for USD 2.1 billion. The original transaction scope included Wells Fargo’s collective investment trust business. Wells Fargo planned to retain a 9.9% ownership interest and continue a distribution relationship. Wells Fargo Securities advised the seller.