Deals
Ameriprise, CI Eyeing Wells Fargo Asset Management Arm
- GTCR, Reverence Capital also mull bids for $3 billion division
- Second-round offers for the business are due this month
Wells Fargo is unloading several businesses as the San Francisco-based lender seeks to simplify its structure.
Photographer: Peter Foley/BloombergThis article is for subscribers only.
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 firms could decide not to proceed with bids, the people said.