Wells Fargo Asset Management (WFAM) is to open branches in Frankfurt and Paris ahead of Brexit.
The announcement follows a decision by the Luxembourg financial regulator CSSF not to object to an expansion of the company’s existing licence.
The licence change will allow the company to provide discretionary portfolio management and investment advisory services to its European institutional investors.
“By strengthening the capabilities of WFAM in Luxembourg, along with dedicated branches in Frankfurt and Paris, we are well positioned to deepen relationships with our European client base, as well as with investors based in other international markets,” said Deirdre Flood, the firm’s head of international distribution.
“With the prevailing uncertainty around Brexit, this small but meaningful change to our current structure will ensure continued service for all of our existing European Union clients and will facilitate the future development of WFAM in this key market.”
Through its existing presence in London, the firm will continue to serve its UK and international clients.
WFAM’s London-based portfolio management teams — WFAM Credit Europe and WFAM Global Fixed Income — will continue to maintain operations from the firm’s London offices.
Since 2015, WFAM Luxembourg has served as the management company for WFAM’s Luxembourg-domiciled UCITS, which launched in 2008.
San Francisco-based Wells Fargo & Co currently has $1.9 trillion (€1.67 trillion) in assets under management.
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