Monday, 4 May 2015
Last updated 10 hours ago
Nov 5 2012 | 2:12pm ET
Add Wells Fargo to the list of firms eyeing a foothold in the fund of hedge funds space.
The bank's asset management arm is in the market for a fund of funds firm with between $5 billion and $12 billion in assets under management, its CEO said. It joins Principal Global Investors in seeking out a fund of funds, and hopes to follow in the footsteps of Kohlberg Kravis Roberts and Franklin Templeton Advisors, which recently acquired Prisma Capital Partners and K2 Advisors, respectively.
"We are keen to provide advice on alternatives allocations," Wells Fargo Asset Management CEO Mike Niedermeyer told Financial News. "It is the thing our clients request most often."
Niedermeyer added that WFAM preferred a fund of funds to buying or starting a hedge fund of its own, favoring access to skilled hedge fund selection and allocation to direct management.
And while funds of funds' share of the hedge fund market continues to drop, Niedermeyer seems well aware that the industry's model will have to change. The WFAM CEO says he expects fees to drop across funds of funds, including whichever firm Wells Fargo is able to buy.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…