Wells Fargo, advisor to the Evergreen funds, is renaming the funds Wells Fargo Advantage Funds and merging and reorganizing many of the portflios. The end result will be a family of 128 mutual funds, variable trust funds and managed account shares, down from 177.
“United these two mutual fund families gives us a tremendous opportunity to better serve our clients by offering a powerful array of products that takes advantage of the strengths of both organizations,” said Karla Rabusch, president of Wells Fargo Advantage Funds. “We are thrilled with the quality, breadth and depth of the investment options that will be available to investors.”
Overall, 27 Evergreen funds are being folded into Wells Fargo funds, 53 mutual funds from both families will merge, and four Evergreen and one Wells Fargo fund will be liquidated.
Wells Fargo has also been cutting jobs as it continues to merge with Evergreen, which it bought a year ago when it acquired Wachovia. The asset management division of Wells Fargo now consists of 1,700 people, down from 2,100.