sent out to financial advisers and intermediaries called "Q&A About the Wells Fargo Acquisition of Strong" helps fill out the details of Wells Fargo's
acquisition of Strong Financial
, which was announced on Wednesday.
Strong's investment teams will fold into Wells Capital Management (WellsCap), with Bob Bissell
as president and Kirk Hartman
as chief investment officer of that group. The institutional side will report to Mike Nediermeyer
, head of Wells Fargo Institutional Investment Services. Wells Fargo Funds Management will advise and administer Strong's funds. That group is headed by Karla Rabusch
"The majority of key investment professionals from the Strong teams have embraced the transaction and have committed to join WellsCap. WellsCap will provide continuity of current compensation arrangements" stated Wells Fargo officials.
There are no plans to physically move any of the investment team offices. WellsCap has 17 offices in eight cities.
What will happen to the Strong name? Wells Fargo has yet to decide the fate of Strong's brand, but in terms of products, the bank stated "we are comfortable with modest product overlap and respect established client relationships."
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