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.
"Well Fargos significant resources will help Montgomerys fixed income, small-cap equity and emerging markets investment teams continue their track records," said Scott Tuck, Montgomerys chief executive officer. "Were confident our clients will have much to gain from this combination because Wells Fargo and Montgomery share a similar investment philosophy and commitment to institutional and mutual fund shareholders."