If the rumors are true, fundsters may soon face a distribution world
with only three wirehouses. InvestmentNews
industry insiders are whispering again about Wells Fargo
possibly buying UBS
' U.S. wealth management arm.
Combining Wells' 15,000 advisors with UBS' 6,800, even after some
attrition, would turn Wells into the largest of the three remaining
wirehouses, ahead of Bank of America Merrill Lynch and Morgan
Stanley Smith Barney.
A UBS spokeswoman told the trade pub that UBS' chief "has always
maintained that the Wealth Management Americas business is not for
sale," and a Wells spokesman declined to comment for the story.
Neil Anderson, Managing Editor
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