(Reuters) – Wells Fargo & Co said on Thursday its investment adviser Wells Fargo Investment Institute will sell its feeder fund platform to fintech firm iCapital Network for an undisclosed amount.
The Wells Fargo global alternative investments feeder fund platform provides brokerage and wealth management clients the ability to invest in private equity, private debt, hedge funds, private real estate and direct private investments.
As part of the deal, which is expected to close in the second half of 2020, iCapital will offer employment to those Wells Fargo staff who currently support operations for the platform.
Wells Fargo, which will continue to provide clients with its existing investment services, also said it was making an investment of an undisclosed amount in iCapital, as part of its latest fundraising round.
(Reporting by C Nivedita; Editing by Shounak Dasgupta)