On July 5, 2018, Wells Fargo Asset Management announced the sale of its majority stake in the Rock Creek Group.
Under the terms of the transaction, Wells Fargo Asset Management (“WFAM”) sold its 65% majority stake in the Rock Creek Group, LP (“Rock Creek”) to Rock Creek’s founder Afsaneh Beschloss and the Rock Creek team. The transaction is expected to close by the end of August 2018. Further terms of the transaction were not disclosed.
WFAM is a subdivision of Wells Fargo & Company (NYSC: WFC) which has investment management and advisory firm operations with over $497 billion in assets under management.
Rock Creek, founded in 2002, is a registered investment advisor with approximately $14 billion in assets under management.
To read the press release: please click here.