By Laura J. Keller
(Bloomberg) --Wells Fargo & Co. exercised an option to buy the rest of Golden Capital Management, an “active quant” investment firm that helps oversee $10 billion.
The bank, which built up a 65 percent stake in Golden in 2011, said in a statement Monday that it finished purchasing the rest at the start of this month. It didn’t disclose the terms.
Golden provides investment-management services to institutional and individual investors, combining research with quantitative execution. Wells Fargo’s asset management division has been expanding its quantitative-based offerings, last year acquiring Analytic Investors LLC, a deal that added about $15 billion in assets under management.
“The depth and experience of the Golden team excites us,” said Kirk Hartman, chief investment officer for the Wells Fargo division. “Each investment professional on the team has a background -- be it mathematics, computer science or engineering -- that lends itself to quantitative analysis.”
Golden, founded in 1999 by Greg Golden and Jeff Moser, manages and advises approximately $10 billion in assets, according to the statement.
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