Wells Fargo & Co. announced it is buying EverKey Global Partners, an investment boutique that offers global equity strategies to institutional clients. The investment team at EverKey will become part of Wells Capital Management, the institutional asset management subsidiary of Wells Fargo Bank and part of Wells Fargo's Asset Management Group.
EverKey's team will continue as it has, remaining independent, with no change to its structure, investment philosophy or location. The transaction is expected to close by Jan. 1.
"We are thrilled to partner with a firm that has the breadth of distribution, global infrastructure, and the commitment to excellence in investment and risk management of Wells Capital Management," says Jeff Everett, founder and lead portfolio manager of EverKey Global Partners. "With their support, we look forward to continuing to invest in line with our core investment philosophy and research investment opportunities across the globe on behalf of our clients in our global equity strategies."
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Everett founded EverKey in December 2007. He was formerly president and chief investment officer of Templeton Global Advisors Limited, responsible for all portfolio management activities for all funds within the Templeton Global Equity Group.
Mike Niedermeyer, executive vice president of Wells Fargo and chief executive officer of Wells Fargo's Asset Management Group, says that the company "remains focused on broadening our investment capabilities to meet the needs of our clients." The addition of EverKey further enhances WellsCap's global equity capabilities and reflects an ongoing commitment to our multi-boutique business model, he says. "We believe that by continuously building and refining a deep bench of independent investment teams—each with specialized investment capabilities and autonomy over their research and investment decision-making processes—we are uniquely positioned to meet client needs and deliver value to investors."
Wells Fargo Asset Management Group had more than $449 billion in assets under management as of Sept. 30, 2011. It is composed of Wells Capital Management, Wells Fargo Funds Management, LLC, and several other boutique investment managers, including European Credit Management, Ltd., stable-value manager Galliard Capital Management, Inc., and quantitative manager Golden Capital Management, LLC.
Wells Fargo & Company is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets.
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