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