Wells Fargo and Evergreen to revamp fund lineup

Wells Fargo Funds Management and Evergreen Investment Management are planning a series of fund mergers, reorganizations and liquidations to form the Wells Fargo Advantage Funds family, confirmed Wells Fargo spokeswoman Laura Fay.
DEC 20, 2009
Wells Fargo Funds Management and Evergreen Investment Management are planning a series of fund mergers, reorganizations and liquidations to form the Wells Fargo Advantage Funds family, confirmed Wells Fargo spokeswoman Laura Fay. Wells Fargo Advantage Funds will offer a total of 128 mutual funds, variable trust funds and Wells Fargo Managed Account CoreBuilder Shares. The new fund family aims to eliminate product overlap and reduce shareholder costs. As part of the consolidation, 27 Evergreen funds will be reorganized into the Wells Fargo Advantage Funds; 53 mutual funds from both fund families — 36 from Evergreen and 17 from Wells Fargo — will merge into 36 funds; and four Evergreen funds and one Wells Fargo fund will be liquidated. Wells Fargo Funds Management will be investment adviser to all of the funds. Evergreen parent Wachovia was acquired by Wells Fargo, parent to the funds management unit, in late 2008. Timothy Inklebarger is a reporter with Pensions & Investments, an InvestmentNews sister publication

Latest News

IRA assets swell to $19.2 trillion as 401(k) rollovers drive growth
IRA assets swell to $19.2 trillion as 401(k) rollovers drive growth

IRAs now hold nearly twice the assets of 401(k) plans — and most of that money didn't arrive through annual contributions.

Women feel confident about saving, but many still keep cash in low-yield accounts
Women feel confident about saving, but many still keep cash in low-yield accounts

A new survey finds that many women prioritize financial security but continue to leave savings in accounts that may not keep pace with inflation.

SEC seeks comment on prediction-market ETFs after May pause
SEC seeks comment on prediction-market ETFs after May pause

Roundhill, Bitwise and GraniteShares funds remain on hold while the agency weighs how novel ETFs should be regulated.

Dump investment banks, buy alternative asset managers, says Oppenheimer
Dump investment banks, buy alternative asset managers, says Oppenheimer

"Shares of alternative assets managers have lagged this year as investors grow wary of private-credit exposure."

TaxStatus rolls out rules-based tool to flag advice gaps
TaxStatus rolls out rules-based tool to flag advice gaps

The fintech platform is touting a new AI-free Planning Observations feature, which draws on IRS tax records to uncover opportunities for advisors.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.