Wells Fargo & Co. said Tuesday it has agreed to sell Wells Fargo Asset Management to private-equity firms GTCR LLC and Reverence Capital Partners LP for $2.1 billion. The deal is expected to close in the second half The asset manager has $603 billion in assets under management, 24 offices globally and teams supported by more than 450 investment professionals, the company said in a statement. Wells Fargo will continue to own a 9.9% stake in the company and serve as client and distribution partner. Once the deal closes, the new company will be rebranded. Nico Marais will remain CEO, as he has been since June 2019. Joseph A. Sullivan, former chairman and CEO of Legg Mason, will become executive chairman. Wells Fargo shares were down 0.5% premarket and are down 22% in the last 12 months, while the S&P 500 has gained 16%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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