LONDON - Barclays PLC has created the framework for the pending combination of Barclays de Zoete Wedd Asset Management and Wells Fargo Nikko Investment Advisors.
In June, Barclays PLC, London, agreed to acquire San Francisco-based Wells Fargo Nikko for $440 million (, June 26). The deal will create the world's largest money management firm when it is completed at year end.
BZW's quantitative business and Wells Fargo Nikko will be combined into BZW Global Investors, the bank's major money management arm, with some $230 billion in assets.
Patricia Dunn, former chief executive officer of Wells Fargo Nikko, and Lindsay Tomlinson, former chief executive of BZW Asset Management, have been named joint chief executives of BZW Global Investors.
Ms. Dunn will have responsibility for the Americas, while Mr. Tomlinson will be responsible for the rest of the world.
Fred Grauer, formerly chairman of Wells Fargo Nikko, will serve as chairman of the unit.
BZW Investment Management, formerly the name for the manager's U.K. business, now will include global active management products. It will be overseen by Andrew Skirton, who had been in charge of BZW's international bond unit. Mr. Skirton will review the operations of the unit, which manages 30 billion in assets. A successor in the bond area has not been named.
Iain Reed will continue to chair BZW Property Investment Management, which runs some 1 billion in U.K.-sourced real estate portfolios.
All three units will report to a new holding company, BZW Asset Management.
Members of the holding company's management team will be John Varley, currently chairman of BZW Investment Management; Ron Gould, vice chairman and currently managing director of BZW Investment Management; and Jane Platt, previously head of BZW's active management unit, who will become chief operating officer.