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.
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