Word on the mutual fund industry street is that Wells Fargo plans to cut back on the number of mutual funds available through its financial advisors.

Kathy Barney Wells Fargo Advisors Senior Vice President Group Finance Officer

A spokesperson for Wells Fargo Advisors Financial Network declined to comment for the story.

A mutual fund distribution chief tells MFWire that the wirehouse is targeting to bring the number of funds on its platform down to around 1,000, though additional details regarding timing were unavailable.

Back in May, Merrill Lynch revealed that it would be reevaluating the 3,500 funds on its platform, with plans to get rid of low-performing funds. Word is that Merrill is whittling that 3,500 down to 2,000. 

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