Wells Fargo & Co. is planning to join the $4.5 trillion exchange-traded fund industry, one of the last major asset managers to enter the fray.
The fourth-biggest U.S. bank by assets is seeking to register the Wells Fargo Exchange-Traded Funds Trust with the U.S. Securities and Exchange Commission, according to a Monday filing. If approved, Wells would be able to issues its own ETFs, although they haven’t registered any individual funds yet.
The San Francisco-based company joins rivals JPMorgan Chase & Co. and Goldman Sachs Group Inc., which have about $36 billion and $17 billion in their ETFs, respectively. Another large peer, Morgan Stanley, does not have any ETFs.
Wells Fargo had $1.97 trillion in assets and $935 billion in loans at the end of the second quarter.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
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