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Wells Finalizes Fund Deal; Makes New Bond Offering.

Publication: American Banker
Publication Date: 28-FEB-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Working toward its goal of becoming one of the 10 largest fund managers, Wells Fargo & Co. is finalizing its deal with Commerzbank for $4.9 billion of business from Montgomery Asset Management.

Montgomery, a 12-year-old company that was a part of the former Montgomery Securities, has fired more than 100 employees in preparation for the asset sale, according to documents filed with the State of California. Wells Fargo has hired 50 of its portfolio managers and investment professionals, who have already started working at Wells, said a spokeswoman, Tricia...

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