Wells Fargo Funds Management and Evergreen Investment Management are planning a series of fund mergers, reorganizations and liquidations to form the Wells Fargo Advantage Funds family, confirmed Wells Fargo spokeswoman Laura Fay.
Wells Fargo Advantage Funds will offer a total of 128 mutual funds, variable trust funds and Wells Fargo Managed Account CoreBuilder Shares.
The new fund family aims to eliminate product overlap and reduce shareholder costs. As part of the consolidation, 27 Evergreen funds will be reorganized into the Wells Fargo Advantage Funds; 53 mutual funds from both fund families — 36 from Evergreen and 17 from Wells Fargo — will merge into 36 funds; and four Evergreen funds and one Wells Fargo fund will be liquidated.
Wells Fargo Funds Management will be investment adviser to all of the funds.
Evergreen parent Wachovia was acquired by Wells Fargo, parent to the funds management unit, in late 2008.