Ameriprise Financial Inc., CI Financial Corp. and the private equity firms GTCR and Reverence Capital Partners are weighing second-round bids for Wells Fargo & Co.’s asset management arm, according to people familiar with the matter.
The offers are due later this month, said one of the people, asking not to be identified because the matter isn’t public. Wells Fargo may whittle down the auction to one or two suitors after the next round, depending on how good the offers are, the person said. A final decision hasn’t been made and the companies could decide not to proceed with bids, the people said.
The asset management division could fetch more than $3 billion, people familiar with the matter said in October.
Representatives for Wells Fargo, GTCR and Reverence declined to comment. Representatives for Ameriprise and CI Financial didn’t immediately respond to requests for comment.
Wells Fargo, reeling from years of scandals, is unloading several businesses as it seeks to simplify its structure. A group that includes Apollo Management Inc. and the Blackstone Group Inc. is in talks to acquire its student loan portfolio, people familiar with the matter said last week.
The bank is also selling its corporate trust arm and a private label credit cards business, Bloomberg News has reported.
Ameriprise, a Minneapolis-based wealth adviser, has more than $900 billion under management or administration, according to its website. CI Financial, based in Toronto, entered the U.S. wealth management market by acquiring interests in several registered investment advisers this year.
New York-based Reverence and Chicago-based GTCR both have experience investing in the asset management sector.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Two C-level leaders reveal the new time-saving tools they've implemented and what advisors are doing with their newly freed-up hours.
The RIA led by Merrill Lynch veteran John Thiel is helping its advisors take part in the growing trend toward fee-based annuities.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
