Wells Fargo has taken full ownership of Charlotte, North Carolina-based boutique equity shop Golden Capital Management, after acquiring the 35% of the business it did not already own.
Wells Fargo initially became a minority stakeholder in Golden in 2008 via its deal for Wachovia Corporation.
Since then it has upped its holding in the business, building this up to 65% prior to today’s announcement.
The deal is expected to be completed by June 30.
Golden Capital Management has 11 investment strategies, three focused on domestic equities, two international equities, and six index offerings.
Golden Capital’s portfolio management team will continue to operate out of Charlotte.
Additionally, Golden has announced two portfolio manager changes on two funds that it subadvises for Wells Capital Management.
Robert Wicentowski has been added to the $1.9 Wells Fargo Index fund, joining John Campbell and David Neal.
Wicentowski joined Golden Capital Management in November 2016 and was a manager of portfolio research at WBI Investments before that.
Carr, who is also a manager on the $81.6 million Wells Fargo Small Cap Core fund, has been with Golden since October 2011.