Wells Fargo to sell asset management business for $2.1bn

In this photo taken on April 16, 2020, a general view shows the Indian office of US multinational financial services company Wells Fargo in Bangalore. (File/AFP)

Wells Fargo & Co. said on Tuesday it had agreed to sell its asset management business, which manages more than $603 billion on behalf of customers, to private equity firms GTCR LLC and Reverence Capital Partners for $2.1 billion.