Wells Fargo sells asset management biz for $2.1 billion to reshape bank

Wells Fargo & Co. plans to sell its asset-management business to two private equity firms, part of Chief Executive Officer Charlie Scharf’s efforts to dump non-essential operations and help the bank emerge from three years of scandal.
 

The company agreed to sell Wells Fargo Asset Management to private equity firms GTCR LLC and Reverence Capital Partners for $2.1 billion, according to a statement Tuesday. The unit has $603 billion of assets under management and employs more than 450 investment professionals.
 

Scharf, who took the reins in late 2019, has conducted deep reviews of Wells Fargo’s businesses, and said earlier this