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Rating:Is Wells About to Create the Biggest Wirehouse? Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 15, 2011

Is Wells About to Create the Biggest Wirehouse?

News summary by MFWire's editors

If the rumors are true, fundsters may soon face a distribution world with only three wirehouses. InvestmentNews' Andrew Osterland reports that 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. 

Edited by: Neil Anderson, Managing Editor

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