Wells Fargo funds business looks to double assets under management

Wells Fargo & Co. is planning an aggressive buildup of its asset management arm, executives said Tuesday The bank-owned money manager is looking to reach $1 trillion in assets, about double its current level, according to spokeswoman Laura Fay. The firm is hoping to reach the goal over the long term and resists putting a specific date on that milestone, Ms. Fay said. “We're looking at acquisitions if it fits with gaps in our current product line,” she said. “We absolutely have aspirational goals in terms of the growth of the business not just focused on scale but also the quality of the assets.” News of the firm's plans was first reported Tuesday by the Wall Street Journal. The firm's asset management division managed $489.7 billion in the quarter ended June 30, while its Advantage mutual funds hold $235 billion, according to the firm's most recent earnings report.