US bank Wells Fargo (NYSE:WFC) has announced that it has agreed to acquire domestic investment firm Analytic Investors for an undisclosed amount.
The acquisition will allow Wells Fargo to add an additional $15 billion in assets under management to its name.
Following closure of the transaction, Analytic Investors will become part of Wells Fargo Asset Management, a unit of Wells Fargo with assets under management of about $481 billion.
The deal is expected to complete by 1 October. Analytic Investors will continue to operate from its current headquarters in Los Angeles.
Wells Fargo Securities served acted as financial advisor to Wells Fargo Asset Management, while Sullivan & Cromwell provided legal advice.