Wells Fargo to Sell Global Alternative Investments Feeder Fund Platform to iCapital Network
June 18 2020 - 6:00AM
Business Wire
Wells Fargo & Company (NYSE: WFC) today announced that Wells
Fargo Investment Institute, Inc., (WFII) has entered into an
agreement to sell its Global Alternative Investments (GAI) Feeder
Fund Platform to iCapital Network1. In addition, Wells Fargo today
announced that it is making a strategic investment in iCapital
under the terms of iCapital’s latest fundraising round.
“We are pleased to partner with iCapital to deliver alternative
investments to enhance the experience for our advisors and
clients,” said Darrell Cronk, president of WFII. “This transaction
will allow us to continue to provide innovative alternative
investment solutions to our clients as well as upgrade the overall
platform and launch new offerings.”
The Wells Fargo GAI Feeder Fund Platform provides brokerage and
wealth management clients the ability to invest in a full suite of
alternative solutions, including private equity, private debt,
hedge funds, private real estate, and direct private investments
across approximately 70 investment vehicles. Since 2006, GAI has
offered investment options through feeder funds that invest in
external funds or portfolio companies.
With the increased adoption of alternative investments and to
best serve clients, WFII decided to partner with iCapital to ensure
a best-in-class solution. Wells Fargo will continue to provide
clients with its existing investment services, such as upfront and
ongoing investment due diligence, product selection, investment
monitoring, platform management, product support, and education,
while the iCapital platform will provide investors with enhanced
technology and efficiency.
As part of the transaction, iCapital will offer employment to a
team of Wells Fargo employees who currently support operations for
the GAI Feeder Fund Platform. The transitioning team will continue
to support the fund portfolio to ensure continuity of service.
The transaction is subject to customary closing conditions and
is expected to close during the second half of 2020. Terms of the
agreement were not disclosed.
About the Wells Fargo Investment Institute
Global Alternative Investments (“GAI”) is a division of Wells
Fargo Investment Institute, Inc. (“WFII”). WFII is a registered
investment advisor and wholly owned subsidiary of Wells Fargo Bank,
N.A., a bank affiliate of Wells Fargo & Company, providing
investment research, strategy, manager research, and thought
leadership within the Wealth & Investment Management division,
with the goal of supplying world-class advice to the company’s
financial and wealth advisors.
Wells Fargo Wealth & Investment Management, a division
within the Wells Fargo & Company enterprise, provides financial
products and services through bank and brokerage affiliates of
Wells Fargo & Company.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.98 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,400 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 31 countries and territories to support customers who
conduct business in the global economy. With approximately 263,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2020 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
1 Institutional Capital Network, Inc. (herein “iCapital Network”
or “iCapital”)
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version on businesswire.com: https://www.businesswire.com/news/home/20200618005424/en/
Media Allison Chin-Leong, 212-214-6674
allison.chin-leong@wellsfargo.com
Rob Julavits, 917-260-2448 robert.w.julavits@wellsfargo.com
Investor Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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