Wells Fargo Advantage Funds' assets have been growing in recent years, to $111 billion, and the company has every intention of keeping its momentum, The Milwaukee Journal Sentinel reports.

Although Wells Fargo currently ranks as the 18th largest mutual fund company in the U.S., the company hopes to crack the top 10. At present time, that would mean gathering at least $179 billion in assets.

"Our goal is to eventually become one of the 10 largest mutual fund firms in the United States," said company spokesman John Roehm.

While Wells Fargo has been growing its fund business, the workforce at its Menomonee Falls, Wisc., offices has been cut more than half from two years ago. The company currently employs 531 people there, down from 1,100 in 2004. Nonetheless, Roehm said, Wells Fargo is committed to the region. Wells Fargo, which is headquartered in San Francisco, expanded to Wisconsin in 2004, through its acquisition of Strong Funds, which has been based there.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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.