Wells Fargo, which has been losing advisors for several years due to multiple financial scandals, announced Friday the sale of its 65% stake in Washington, DC-based RockCreek Group to RockCreek Management.
The decision was mutual, made by senior management at both firms and “reflects their shared view that the transaction supports each firm’s strategic direction,” according to a press release from RockCreek. The sale is expected to be complete by the end of August. No details about the transaction were disclosed.
RockCreek Group functions as a global investment management firm with almost $14 billion in AUM and is one of several subadvisors of the Wells Fargo Alternative Strategies fund.
Its portfolio managers invest in emerging and frontier markets and alternatives on behalf of institutional clients including foundations, endowments, universities and pension funds, and its advisory board includes well-connected luminaries such as former Fed Chairman Alan Greenspan and former Council of Economic Advisers chair Laura Tyson, who worked in the Clinton Administration.