Getty Up! The horses on the Wells Fargo
are starting to gallop.
Kirsten Grind and Emily Glazer of the Wall Street Journal report
that Wells plans to double its asset-management to $1 trillion in ten years via acquisitions, an aggressive sales push (with a pumped-up sales team), and expanded product offerings.
According to the Journal
article, Wells employees call the plan the Big Hairy Audacious Goal
. (The term comes from the book Built to Last: Successful Habits of Visionary Companies
Grind and Glazer write that Wells' mutual fund arm has nearly $102 billion in AUM, ranking it at spot 18 according to Morningstar
stats. Add in institutional accounts and money market funds, the total goes up to $490 billion.
The bank has its work cut out for it, according to the article. The bank witnessed $1.6 billion of outflows in 2013 and another $1 billion year-to-date.
Wells is the fourth largest bank in the country, and the third biggest that plays in '40 Act Country, according to the Journal
article. Grind and Glazer report that J.P. Morgan
saw $17 billion of inflows in 2013 and another $17.5 billion up to July. Meanwhile, Goldman Sachs
saw $14.6 billion last year and $13.4 billion up to July.
The article reports that Wells is looking for "smaller acquisitions" to bolster its investing talent, in such areas as international and global equities. The bank is also looking to expand its presence in liquid alts.
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