https://seekingalpha.com/news/3651523-wells-fargo-in-talks-to-sell-asset-management-unit-to-gctr-reverence-reuters
Wells Fargo (WFC +3.1%) is in exclusive talks to sell its asset management business to a private equity group led by GTCR LLC and Reverence Capital Partners, Reuters reports, people familiar with the matter.
Although the price being negotiated wasn't disclosed, Reuters previously reported that Wells Fargo was seeking more than $3B for the unit.
The sale of the asset management would represent one of the most visible parts of its overhaul undertaken by CEO Charlie Scharf.
Earlier Thursday, WFC announced that it will sell its Canadian Direct Equipment Finance business to Toronto-Dominion Bank; terms of the deal were undisclosed. Last month, it agreed to sell its private student loan portfolio to investors.
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