Sunday, 24 July 2016
Last updated 1 day ago
Mar 20 2014 | 10:30am ET
Wells Fargo Asset Management is set to take a majority stake in fund of hedge funds manager Rock Creek Group next month.
Wells took a 35% stake in Rock Creek in late 2012, with an option to increase that holding to a controlling stake. The bank will exercise that option on April 1, it said.
“This change is a sign of Wells Fargo’s continued commitment to—and investment in—the Rock Creek Group, but it will in no way affect the management, independent culture, investment process and brand identity of the firm,” Wells said. The bank may still increase its stake further.