Wells Fargo Weighs Asset-Manager Sale as Sector Consolidates
- Business could fetch more than $3 billion, says person briefed
- Talks come as Morgan Stanley agrees to buy Eaton Vance
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Wells Fargo & Co. is exploring the sale of its asset-management unit as the biggest banks choose paths of diving deeper into the business or getting out.
The Wells Fargo unit could fetch more than $3 billion, according to a person briefed on the matter, who said the bank began discussing a possible deal with other asset managers and private equity firms last month. Wells Fargo expects to receive bids on the unit this month, though a divestment isn’t certain, said the person, who asked not to be identified because the talks are private.