Goodwin’s Private Equity and Investment Management teams advised Wells Fargo Asset Management (WFAM) CEO Nicolaas Marais and other members of the WFAM senior management team in connection with the signing of a definitive agreement for the acquisition of WFAM by GTCR LLC and Reverence Capital Partners, L.P. from Wells Fargo Bank, N.A. for $2.1 billion. This sale includes Wells Fargo’s business of acting as trustee to its collective investment trusts and all related WFAM legal entities. The transaction is expected to close in the second half of 2021, subject to customary closing conditions. As part of the transaction, Wells Fargo will own a 9.9% equity interest and will continue to serve as an important client and distribution partner. Nico Marais, WFAM’s CEO since June 2019, will remain CEO.
WFAM is a leading asset management firm with $603 billion in assets under management, 24 offices globally, and specialized investment teams supported by more than 450 investment professionals. WFAM and its investment teams provide a broad range of differentiated investment products and solutions to help its diverse range of clients meet their investment objectives.
The team was led by John LeClaire, Thomas LaFond, Richard Lever and Howard Cubell.
For additional details on the transaction, please read the press release.