(Updates with size of previous stake in second paragraph, spokeswoman’s comment in last.)
Oct. 10 (Bloomberg) -- Wells Fargo & Co., the fourth- largest U.S. bank by assets, increased a stake in Golden Capital Management to 65 percent as it boosts ties with the Charlotte, North Carolina-based investment firm.
Golden Capital is taking on members of Wells Capital Management’s Boston-based global strategic-products team in a deal that gives the firm access to more advisory clients and expands assets under management to $6.2 billion, the companies said today in statement distributed by Business Wire. Wells Fargo, which has held an interest in Golden Capital since 2005, increased the stake from 45 percent, said Amy George, a spokeswoman for the San Francisco-based bank.
Amit Chandra, a member of the strategic-products team, will serve on Golden Capital’s management committee and oversee its new Boston office, according to the statement. The firm provides investment-management services to institutional and high-net- worth clients, combining research with quantitative execution, according to its website.
The deal “strengthens our investment capabilities by leveraging broader resources, talents and ideas,” Golden Capital Chief Executive Officer Greg Golden said in the statement.
George declined to comment in a phone interview on the size of the deal in dollar terms. The transaction closed Oct. 1.
--Editors: David Scheer, William Ahearn
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