Wells Fargo is close to selling its asset management business, and the likely buyer is a private equity consortium headed by GTCR and Reverence Capital Partners, according to Reuters.
Citing “people familiar with the matter,” Reuters reported Thursday that the wirehouse is in exclusive talks to sell its asset management business, which manages over $607 billion for clients, to the consortium.
Wells Fargo declined to comment. GTCR and Reverence Capital Partners did not immediately respond to requests for comment.
Bloomberg reported last month that the private equity consortium, Ameriprise Financial and CI Financial Corp. were weighing second-round bids for Wells Fargo’s asset management arm, according to people familiar with the matter.