CIXX - 4 Firms Are Reportedly Vying for Wells Fargo's Asset Management Division
Two asset and wealth management firms and two private equity firms are reportedly in the running to purchase Wells Fargo 's (NYSE: WFC) asset management arm, Bloomberg has reported, citing anonymous sources.
The two asset management firms named in the report are Ameriprise Financial (NYSE: AMP) , with $900 billion in assets under management, and the Toronto-based CI Financial (NYSE:CIXX), with $128 billion assets under management.
CI Financial is a relatively new player in the U.S., entering the country this year. At the end of the third quarter, the company had about $4.7 billion in assets under management in the U.S. The two private equity firms named in the report are GTCR and Reverence Capital Partners.
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4 Firms Are Reportedly Vying for Wells Fargo's Asset Management Division