Wells Fargo & Company (WFC - Free Report) has agreed to sell Wells Fargo Global Fund Services (GFS), its fund administration business, to SS&C Technologies Holdings, Inc. (SSNC - Free Report) . SS&C is a Connecticut-based financial services software and software-enabled service provider across the globe.
The fund administration unit is part of Wells Fargo’s investment banking and capital market unit, Wells Fargo Securities.
The transaction awaits regulatory approvals, but is expected to close in the fourth quarter of 2016. Terms of the deal remain undisclosed.
Pursuant to the deal, SS&C will take over Global Fund Services’ operations and workforce of about 250 people across New York, Minneapolis, Singapore, Hong Kong and the United Kingdom. Wells Fargo will be teaming up with SS&C for “continuity of services” to Global Fund Services’ clients and also provide access to its pack of financial products.
Further, Wells Fargo Securities will continue to provide financial solutions to Wells Fargo’s alternative asset manager clients in areas of Prime Services, Futures and OTC Clearing and Futures Execution.
Per Dan Thomas, head of Institutional Investor Services at Wells Fargo Securities, “We believe GFS clients will benefit from SS&C’s industry-leading position, proprietary technology and depth of expertise in fund administration.”
Wells Fargo has been making such moves in response to increasing regulatory restrictions on banks. In Mar 2016, the bank sold its crop insurance business to Zurich American Insurance Company (ZAIC), a subsidiary of Zurich Insurance Group, for approximately $4 billion in assets.
In Aug 2016, Wells Fargo closed the acquisition of the Australian and New Zealand segments of GE Capital’s Commercial Distribution Finance, with the exception of the Europe, the Middle East and Africa segments.
Recently, Wells Fargo’s stock has been sliding due to several concerns impacting its status as the market's largest bank. The stock declined around 1% in the last trading session to close at $46.52.
Currently, Wells Fargo carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the same space include Comerica Incorporated (CMA - Free Report) and Republic Bancorp Inc. (RBCAA - Free Report) , both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Wells Fargo & Company (WFC - Free Report) has agreed to sell Wells Fargo Global Fund Services (GFS), its fund administration business, to SS&C Technologies Holdings, Inc. (SSNC - Free Report) . SS&C is a Connecticut-based financial services software and software-enabled service provider across the globe.
The fund administration unit is part of Wells Fargo’s investment banking and capital market unit, Wells Fargo Securities.
The transaction awaits regulatory approvals, but is expected to close in the fourth quarter of 2016. Terms of the deal remain undisclosed.
Pursuant to the deal, SS&C will take over Global Fund Services’ operations and workforce of about 250 people across New York, Minneapolis, Singapore, Hong Kong and the United Kingdom. Wells Fargo will be teaming up with SS&C for “continuity of services” to Global Fund Services’ clients and also provide access to its pack of financial products.
Further, Wells Fargo Securities will continue to provide financial solutions to Wells Fargo’s alternative asset manager clients in areas of Prime Services, Futures and OTC Clearing and Futures Execution.
Per Dan Thomas, head of Institutional Investor Services at Wells Fargo Securities, “We believe GFS clients will benefit from SS&C’s industry-leading position, proprietary technology and depth of expertise in fund administration.”
Wells Fargo has been making such moves in response to increasing regulatory restrictions on banks. In Mar 2016, the bank sold its crop insurance business to Zurich American Insurance Company (ZAIC), a subsidiary of Zurich Insurance Group, for approximately $4 billion in assets.
In Aug 2016, Wells Fargo closed the acquisition of the Australian and New Zealand segments of GE Capital’s Commercial Distribution Finance, with the exception of the Europe, the Middle East and Africa segments.
Recently, Wells Fargo’s stock has been sliding due to several concerns impacting its status as the market's largest bank. The stock declined around 1% in the last trading session to close at $46.52.
Currently, Wells Fargo carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the same space include Comerica Incorporated (CMA - Free Report) and Republic Bancorp Inc. (RBCAA - Free Report) , both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on WFC - FREE
Get the latest research report on CMA - FREE
Get the latest research report on SSNC - FREE
Get the latest research report on RBCAA - FREE