Wells Fargo Management has acquired SIFE, the administrator and distributor of a fund that invests in the financial services sector.

In the wake of the acquisition, Wells Fargo takes charge of the $ 712 million SIFE Trust Fund. It will now be known as the Wells Fargo SIFE Specialized Financial Services Fund. Wells Fargo Funds Management will server as the product’s investment advisor.

The SIFE fund will become part of a family of 79 Wells Fargo mutual funds totaling more than $77 billion in assets under management, the company said.

Mike Niedermeyer, an executive VP at Wells Fargo’s Investment Management Group, said in a statement that the acquisition was "a good fit for the investors of both fund groups."

"SIFE investors now have more investment options, and Wells Fargo clients can benefit from an expanded sector fund lineup that now includes specialized funds focusing on technology, health sciences and financial services," Niedermeyer said.

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