The rumor is (see below) that GS is interested in acquiring our Asset Management Unit...
https://www.pionline.com/money-management/goldman-sachs-named-potential-buyer-wells-asset-management-unit
5 replies (most recent on top)
This is a very realistic article and quite likely to occur. I personally don’t see a custody bank without a viable Wealth Management program as a possible suitor, but Fidelity, Prudential, Goldman Sachs, J.P.Morgan and Schwab all have significant respected Wealth Management practices and would definitely be possibilities. They all have the scale needed as well.
It would be a surprise if this does not occur. The regulators would certainly breath a huge sigh of relief and approve relatively quickly. Would be great momentum for further divestitures. Hopefully our leader can pull this off for the good of the country.
The money market mutual funds (2a-7 funds) are roughly one third of WFAM's total assets under management of $600 Billion. Unfortunately, the ultra low rate environment has hurt profitability so there is considerable industry consolidation. It's too bad.
That's old news. GS is not one of the 4 finalist.
Is this going to happen?
I was not following the news
October 23, 2020 03:49 PM
Find a newer story for more current info, such as the article that was posted here in the last couple days.