Wells Fargo Funds Management has completed its acquisition of 11 funds with $1.4 billion in assets under management from Montgomery Asset Management. Montgomery, a subsidiary of Commerzbank, and Wells Fargo announced the transition last November. Gartmore Global Investments, meanwhile, is acquiring two of Montgomerys international funds and one long/short equity fund.
In particular, the Montgomery funds round out Wells Fargos equity and fixed-income lineup, said Karla Rabusch, president of Wells Fargo Funds Management. The acquisition of the retail funds also expands Wells Fargos institutional focus.