--Wells Fargo & Co. is in discussions to sell its asset management business to a private-equity group led by GTCR LLC and Reverence Capital Partners LP, Reuters reported midday Thursday.

--Reuters cites unnamed people familiar with the talks.

--The price couldn't be determined but Wells Fargo was seeking more than $3 billion previously.

--The asset management business manages more than $607 billion.

 

Reuters article: https://www.reuters.com/article/us-wells-fargo-assetmanagement/exclusive-wells-fargo-close-to-deal-with-buyout-firms-for-asset-management-business-sources-idUSKBN29J2AF?il=0

 

(END) Dow Jones Newswires

January 14, 2021 12:27 ET (17:27 GMT)

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