UPDATE 1-Wells Fargo sells asset management arm to private equity firms for $2.1 bln

Contributed by NAMPA / Reuters.

(Adds details on sale, background)
Feb 23 (Reuters) - Wells Fargo & Co said on Tuesday
it had agreed to sell its asset management business, which
manages more than $603 billion on behalf of customers, to
private equity firms GTCR LLC and Reverence Capital Partners for
$2.1 billion.
The sale represents the biggest shake-up at the U.S. bank
since former Bank of New York Mellon top boss Charles
Scharf joined as chief executive officer in 2019.
Wells Fargo w ...