Ameriprise, CI eyeing Wells Fargo’s asset administration arm

Ameriprise Monetary, CI Monetary and the personal fairness corporations GTCR and Reverence Capital Companions are weighing second-round bids for Wells Fargo’ asset administration arm, in line with individuals accustomed to the matter.

The gives are due later this month, mentioned one of many individuals, asking to not be recognized as a result of the matter isn’t public. Wells Fargo could whittle down the public sale to 1 or two suitors after the subsequent spherical, relying on how good the gives are, the particular person mentioned. A closing resolution hasn’t been made and the corporations may resolve to not proceed with bids, the individuals mentioned.

The asset administration division may fetch greater than $3 billion, individuals accustomed to the matter mentioned in October.

Representatives for Wells Fargo, GTCR and Reverence declined to remark. Representatives for Ameriprise and CI Monetary didn’t instantly reply to requests for remark.

Wells Fargo, reeling from years of scandals, is unloading a number of companies because it seeks to simplify its construction. A bunch that features Apollo Administration and the Blackstone Group is in talks to amass its pupil mortgage portfolio, individuals accustomed to the matter mentioned final week.

The financial institution can also be promoting its company belief arm and a personal label bank cards enterprise, Bloomberg Information has reported.

Ameriprise, a Minneapolis-based wealth adviser, has greater than $900 billion beneath administration or administration, in line with its web site. CI Monetary, primarily based in Toronto, entered the U.S. wealth administration market by buying pursuits in a number of registered funding advisers this yr, in line with its web site.

New York-based Reverence and Chicago-based GTCR each have expertise investing within the asset administration sector.

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