Wells Fargo Asset Management has signed an agreement to acquire equity investment firm Analytic Investors, the company announced Monday.
The deal is scheduled to close in October; terms of the transaction were not disclosed.
San Francisco-based Wells Fargo, with $481 billion in assets under management, has focused on a fundamental equity investment approach, while Analytic, which is based in Los Angeles and has $15 billion in AUM, emphasizes quantitative investing.
Wells Fargo Asset Management CEO Kristi Mitchem said in the release that Analytic's expertise in factor-based, risk-controlled solutions will help Wells Fargo build comprehensive investment solutions for clients.
Harindra de Silva, president of Analytic, in the same release, said: "Wells Fargo Asset Management has a long history of allowing acquired firms full independence and control of their investment process.”
The purchase of Analytic would be the first for Wells Fargo Asset Management since 2013 when it took a minority stake in Rock Creek Group, a hedge fund-of-funds firm. In 2014, Wells Fargo became the firm's majority owner.
Analytic had been part of Old Mutual Asset Management until October 2012, when Analytic management bought back the firm.
Wells Fargo spokesman Pete Greenley could not provide additional information by press time. Mr. de Silva could not be reached.
