Wells Fargo & Co (NYSE: WFC) reported sale of its majority stake in The Rock Creek Group.
The San Francisco-based bank came out Thursday with news that its asset management team has sold Rock Creek to its founder, Afsaneh Beschloss, in a transaction which should close next month.
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%. In April 2014, WFAM increased its equity ownership to a majority stake of 65%.
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.
Wells Fargo stock picked up 26 cents to $55.49 early Friday morning, within a 52-week trading range of $49.27 to $66.31.
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