Wells Fargo adds $15bn to assets under management

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Wells Fargo, the world’s most valuable bank, agreed to buy Analytic Investors, adding $15bn of assets under management.

Bloomberg News reports that Analytic, which oversees equities for clients, will become part of Wells Fargo Asset Management, the bank said Monday in a statement that didn’t disclose terms. The purchase will be completed by October 1, and Analytic will continue to operate from Los Angeles, the buyer said.

Kristi Mitchem is building Wells Fargo Asset Management after joining from State Street and taking over in June from Mike Niedermeyer as chief executive officer of the unit. WFAM oversees $481bn and employs 500 investment professionals. It’s part of the bank’s wealth and investment management segment run by David Carroll.

To access the complete Bloomberg News article hit the link below:

Wells Fargo Adds $15 Billion Under Management With Analytic

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