Banking giant Wells Fargo is ready to play with the big boys in the mutual fund business.

The nation's fifth-largest bank last week became one of the 20 largest mutual fund companies after completing its acquisition of $29 billion in assets from Strong Financial. The purchase, originally announced in May, includes $24 billion in retail mutual fund assets and another $5 billion in institutional accounts, the company said. The financial terms of the agreement were not disclosed, but industry consultants have previously estimated that Wells Fargo agreed to pay at least $400 million.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.