Ameriprise Financial Inc., CI Financial Corp. and the private equity firms GTCR and Reverence Capital Partners are weighing second-round bids for Wells Fargo & Co.’s asset management arm, according to people familiar with the matter.
The offers are due later this month, said one of the people, asking not to be identified because the matter isn’t public. Wells Fargo may whittle down the auction to one or two suitors after the next round, depending on how good the offers are, the person said. A final decision hasn’t been made and the companies could decide not to proceed with bids, the people said.
The asset management division could fetch more than $3 billion, people familiar with the matter said in October.
Representatives for Wells Fargo, GTCR and Reverence declined to comment. Representatives for Ameriprise and CI Financial didn’t immediately respond to requests for comment.
Wells Fargo, reeling from years of scandals, is unloading several businesses as it seeks to simplify its structure. A group that includes Apollo Management Inc. and the Blackstone Group Inc. is in talks to acquire its student loan portfolio, people familiar with the matter said last week.
The bank is also selling its corporate trust arm and a private label credit cards business, Bloomberg News has reported.
Ameriprise, a Minneapolis-based wealth adviser, has more than $900 billion under management or administration, according to its website. CI Financial, based in Toronto, entered the U.S. wealth management market by acquiring interests in several registered investment advisers this year.
New York-based Reverence and Chicago-based GTCR both have experience investing in the asset management sector.
Catch-up contributions, required minimum distributions, and 529 plans are just some of the areas the Biden-ratified legislation touches.
Following a similar move by Robinhood, the online investing platform said it will also offer 24/5 trading initially with a menu of 100 US-listed stocks and ETFs.
The private equity giant will support the advisor tech marketing firm in boosting its AI capabilities and scaling its enterprise relationships.
The privately backed RIA's newest partner firm brings $850 million in assets while giving it a new foothold in the Salt Lake City region.
The latest preliminary data show $117 billion in second-quarter sales, but hints of a slowdown are emerging.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
