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Wells Fargo Asset Management sold to private equity for $2.1 billion

Wells Fargo Sign

Nico Marais will stay on as CEO of the $603 billion business after the sale to GTCR and Reverence Capital Partners, while there will be fresh faces on the board.

In one of the largest asset management deals in a decade, the $603 billion Wells Fargo Asset Management business is being acquired by two private equity firms for $2.1 billion.

The asset management business had been viewed as up for sale for several months.

The deal, which is expected to close

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