REUTERS: Wells Fargo is in exclusive talks to sell its asset management business, which manages more than US$607 billion on behalf of customers, to a private equity consortium led by GTCR LLC and Reverence Capital Partners, according to people familiar with the matter.
The talks could still end without a deal, the sources said, requesting anonymity because the matter is confidential. The sale of the asset management business is one of many steps taken by Scharf to turn Wells Fargo around following a years-old sales practices scandal. He has been cutting costs and shedding noncore businesses. Earlier on Thursday, Wells Fargo announced a deal to sell its Canadian direct equipment finance business to Toronto-Dominion Bank.Last month, Wells Fargo said it would sell its private student loan portfolio to a group of investors.
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