Wells Fargo Announces the Sale of Its Majority Stake in The Rock Creek Group
Jul. 05, 2018
SAN FRANCISCO--(BUSINESS WIRE)--Jul 5, 2018--Wells Fargo Asset Management (WFAM) announced today that Wells Fargo has sold its majority stake in The Rock Creek Group, LP to the company’s founder, Afsaneh Beschloss, and the RockCreek team. This transaction is expected to close by the end of August 2018.
The decision was made jointly by senior management at Wells Fargo and RockCreek, and reflects their shared view that the transaction supports each firm’s strategic direction and that clients of RockCreek will be best served by a founder- and management-team-led ownership structure.
Rock Creek Group is a registered investment advisor located in Washington, D.C. and New York. RockCreek has been an affiliate of Wells Fargo Funds Management since December 2012, when WFAM acquired a minority ownership stake of 35 percent. In April 2014, WFAM increased its equity ownership to a majority stake of 65 percent.
Additional transaction details were not provided.
About Wells Fargo Asset Management
Wells Fargo Asset Management, a division of Wells Fargo Wealth and Investment Management, strives to help clients achieve their financial goals through investment options managed by specialized investment teams that are supported by independent risk management and backed by superior, collaborative service. With more than $497 billion in assets under management,* Wells Fargo Asset Management has 29 autonomous investment teams with specialized expertise and proven processes, more than 500 investment professionals, and a global reach with offices and clients around the world.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets.* Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
*As of March 31, 2018
Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan. 313920 07-18
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SOURCE: Wells Fargo & Company
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PUB: 07/05/2018 04:30 PM/DISC: 07/05/2018 04:31 PM