(Bloomberg) --Wells Fargo & Co., the world’s most valuable bank, agreed to buy Analytic Investors LLC, adding $15 billion of assets under management.
Analytic, which oversees equities for clients, will become part of Wells Fargo Asset Management, the San Francisco-based bank said Monday in a statement that didn’t disclose terms. The purchase will be completed by Oct. 1, and Analytic will continue to operate from Los Angeles, the buyer said.
Kristi Mitchem is building Wells Fargo Asset Management after joining from State Street Corp. and taking over in June from Mike Niedermeyer as chief executive officer of the unit. WFAM oversees $481 billion and employs 500 investment professionals. It’s part of the bank’s wealth and investment management segment run by David Carroll.
“We are delighted to add Analytic’s expertise in factor-based, risk-controlled solutions, providing more components to build comprehensive investment solutions for our clients,” Mitchem said in the statement.
Wells Fargo got legal advice from Sullivan & Cromwell LLP.