Wells Fargo & Co. is planning to join the $4.5 trillion exchange-traded fund industry, one of the last major asset managers to enter the fray.
The fourth-biggest U.S. bank by assets is seeking to register the Wells Fargo Exchange-Traded Funds Trust with the U.S. Securities and Exchange Commission, according to a Monday filing. If approved, Wells would be able to issues its own ETFs, although they haven’t registered any individual funds yet.
The San Francisco-based company joins rivals JPMorgan Chase & Co. and Goldman Sachs Group Inc., which have about $36 billion and $17 billion in their ETFs, respectively. Another large peer, Morgan Stanley, does not have any ETFs.
Wells Fargo had $1.97 trillion in assets and $935 billion in loans at the end of the second quarter.
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