Announced Sale of Wells Fargo Closed-End Funds’ Advisor and Subadvisors

Nachrichtenquelle: Business Wire (engl.)
23.02.2021, 12:15  |  134   |   |   

The following four Wells Fargo closed-end funds today announced a transaction involving each fund’s investment advisor and subadvisor(s):

  • Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD)
  • Wells Fargo Income Opportunities Fund (NYSE American: EAD)
  • Wells Fargo Multi-Sector Income Fund (NYSE American: ERC)
  • Wells Fargo Utilities and High Income Fund (NYSE American: ERH)

On Feb. 23, 2021, Wells Fargo & Company (NYSE: WFC) announced that it has entered into a definitive agreement to sell Wells Fargo Asset Management (WFAM) to GTCR LLC and Reverence Capital Partners, L.P. WFAM is the trade name used by the asset management businesses of Wells Fargo and includes Wells Fargo Funds Management, LLC, the investment advisor to the funds, Wells Capital Management Incorporated and Wells Fargo Asset Management (International) Limited, both registered investment advisors providing subadvisory services to certain funds. Under the terms of the agreement, the purchase price is $2.1 billion. As part of the transaction, Wells Fargo will own a 9.9% equity interest and will continue to serve as an important client and distribution partner.

Consummation of the transaction will result in the automatic termination of each fund’s investment advisory agreement and sub-advisory agreement(s). The funds’ Boards of Trustees (the Boards) will be asked to approve new investment advisory arrangements with the new company. If approved by the Boards, and to the extent required by applicable law, the new investment advisory arrangements with the new company will be presented to the shareholders of each fund for approval, and, if approved by shareholders, would take effect upon the closing of the transaction. The transaction is expected to close in the second half of 2021, subject to customary closing conditions.

Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Healthcare, Financial Services & Technology, Technology, Media & Telecommunications, and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy — finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $20 billion in over 250 companies. For more information, please visit www.gtcr.com.

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Announced Sale of Wells Fargo Closed-End Funds’ Advisor and Subadvisors The following four Wells Fargo closed-end funds today announced a transaction involving each fund’s investment advisor and subadvisor(s): Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD) Wells Fargo Income Opportunities Fund (NYSE American: …

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