has a seven-year expansion plan for Wells Fargo
]. The bank's asset management chief announced his goal of doubling their $444 billion division in the next seven years, Bloomberg reports
Niedermeyer's strategy is to expand in international markets as their European competitors withdraw.
Niedermeyer told the wire service that he will be adding bond strategies and foreign stocks to Wells' US-based mutual fund shop. Aside from this, six Luxembourg-based funds for offshore clients will also be opened by Wells.
Wells Fargo Advantage Funds
, run by Karla Rabusch
, has almost $215 billion in assets.
"Having a model and consistent long-term strategy is a key issue," Niedermeyer said. "If we do great work we will grow faster than the industry."
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