Wells Fargo sheds its asset manager unit as CEO Scharf reshapes bank ...Qatar

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 years of scandals. GTCR LLC and Reverence Capital Partners agreed to buy Wells Fargo Asset Management for $2.1bn, according to a statement. The unit has $603bn 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 year that divestitures would help improve the company’s focus. He listed asset management, corporate trust and rail leasing as unit

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