Wells Fargo & Co. is set to acquire SIFE, advisor of the $789 million SIFE Trust Fund, the company announced today. The fund, which has always invested in the financial services sector, will be renamed the Wells Fargo Specialized Financial Services Fund.
Wells Fargo is purchasing SIFE to broaden its mutual fund line-up and expertise in the financial services sector, as well as to create a relationship with the 300 investment professionals who offer the SIFE Trust Fund to clients, according to company executives.
The terms of the deal, which is expected to be completed during the first quarter of 2002, were not disclosed. The addition of the SIFE Trust brings Wells Fargo's total mutual fund offerings to 80. Wells Fargo Funds Management had over $71 billion in assets under management as of July 31, according to the company. Wells Fargo is among the SIFE Trust Funds top 5 holdings in terms of assets, according to Morningstar.