Strengthening its footprint, Wells Fargo Asset Management (Luxembourg) will establish branches in Frankfurt and Paris as part of its Brexit arrangements
LONDON--(BUSINESS WIRE)--Wells
Fargo & Company (NYSE: WFC)
announced today that the Commission de Surveillance du Secteur
Financier (CSSF), the financial regulator of Luxembourg, has granted
a non-objection to the expansion of Wells Fargo Asset Management
Luxembourg’s (WFAML’s) existing license.
The expansion of WFAML’s license in Luxembourg will permit the provision
of discretionary portfolio management and investment advisory services
to Wells Fargo Asset Management’s (WFAM’s) European institutional
investors. As part of WFAM’s efforts to support its European Union
client base, WFAML will broaden its presence with branches in Frankfurt
and Paris.
“By strengthening the capabilities of WFAM in Luxembourg, along with
dedicated WFAM branches in Frankfurt and Paris, we are well positioned
to deepen relationships with our European client base, as well as with
investors based in other international markets,” said Deirdre Flood,
head of International Distribution for WFAM. “With the prevailing
uncertainty around Brexit, this small but meaningful change to our
current structure will ensure continued service for all of our existing
European Union clients and will facilitate the future development of
WFAM in this key market.”
Through its existing presence in London, WFAM will continue to serve its
U.K. and international clients. WFAM’s London-based portfolio management
teams—WFAM Credit Europe and WFAM Global Fixed Income—will continue to
maintain operations from WFAM’s London offices.
Luxembourg is a leading asset and fund management hub within Europe.
Since 2015, WFAML has served as the management company for WFAM’s
Luxembourg-domiciled UCITS, which launched in 2008.
Wells Fargo is committed to providing a smooth stakeholder experience
for all those affected by Brexit. Today’s announcement, along with the
company’s Brexit approach for its securities business, forms part of
Wells Fargo’s Brexit strategy. This strategy is predicated on supporting
the needs of its team members and customers—ranging from retirement
plans, insurance companies, financial institutions, and other
institutional investors—in a post-Brexit environment.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investments, mortgage, and consumer and
commercial finance through 7,950 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 37 countries and
territories to support customers who conduct business in the global
economy. With approximately 262,000 team members, Wells Fargo serves one
in three households in the United States. Wells Fargo & Company was
ranked No. 26 on Fortune’s 2018 rankings of America’s largest
corporations.
Wells Fargo Asset Management (WFAM) is the trade name for certain
investment advisory/management firms owned by Wells Fargo & Company.
These firms include but are not limited to Wells Capital Management
Incorporated and Wells Fargo Funds Management, LLC. Certain products
managed by WFAM entities are distributed by Wells Fargo Funds
Distributor, LLC (a broker/dealer and Member FINRA).
This material is for general informational and educational purposes only
and is NOT intended to provide investment advice or a recommendation of
any kind—including a recommendation for any specific investment,
strategy, or plan. 319107 12-18
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