The firm became Golder Thoma & Cressey in 1984, and with the promotion of Bruce Rauner to partner the firm would come to be known as Golder, Thoma, Cressey, Rauner, Inc. (GTCR), although it would still often be referred to as Golder Thoma.[8]. When typing in this field, a list of search results will appear and be automatically updated as you type. Since 1980, GTCR has invested more than $14 billion in over 200 companies. Since its inception, GTCR has invested more than $14 billion in over 200 companies. WFAM is a leading asset management firm with $603 billion in assets under management,^2 24 offices globally, and specialized investment teams … WFAM is a leading asset management firm with $603 billion in assets under management, 2 24 offices globally, and specialized investment teams … The firm is based in Chicago and has more than 80 employees, including over 40 investment professionals. GTCR and Reverence Capital Partners intend to add Wells Fargo Asset Management as a newly independent platform with increased technology … ... Operating as a portfolio company of GTCR … The deal is expected to close in the second half The asset manager has $603 billion in assets under management, 24 offices globally and teams supported by … Private equity firms GTCR and Reverence Capital are acquiring Wells Fargo Asset Management, freeing it from its bank parent Wells Fargo. By Annabel Smith US bank Wells Fargo has agreed to offload its asset management arm to private equity firms GTCR and Reverence Capital Partners for $2.1 billion as it looks to focus on its wealth and brokerage businesses. We will continue to have the capital resources to support their outstanding talent and vision.". [6][7] Golder Thoma & Cressey received much of its initial funding from William M. Blair and upon leaving First Chicago, Golder was replaced by John A. Canning, Jr. who would go on to found rival Chicago private equity firm Madison Dearborn. Wells Fargo & Company has agreed to sell its asset management unit to private equity firms GTCR and Reverence Capital Partners for US$2.1 billion. The transaction is expected to close in the second half of 2021, subject to customary closing conditions. GTCR and Reverence Capital Partners agreed to buy Wells Fargo Asset Management for $2.1bn, according to a statement on Tuesday. The $2.1 billion price tag for … Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Growth Business Services, Technology, Media & Telecommunications, Healthcare and Financial Services & Technology industries. The firm currently has approximately $13 billion in assets under management. And as our funds have grown, so has the experience and caliber of our CEO partners. Target investments will continue to focus on companies across high growth sectors, including Business Services, Technology, Media & Telecommunications, Healthcare and Financial Services & Technology. OR GTCR LLC is a private equity firm focused on leveraged buyout, leveraged recapitalization, growth capital and rollup transactions. The two buyers, GTCR LLC and Reverence Capital Partners, LP, are private equity firms with experience investing in the asset management space. Investors in Fund XII include public pension funds, endowments, foundations, funds of funds and individuals, including GTCR professionals. The majority of the largest investors has been with us since the 1980's. "More than 85 percent of commitments to Fund XII came from existing investors, with most increasing the size of their commitment versus prior funds. The sale, one of the largest asset management deals in a decade in terms of AUM, is expected to close in the second half of 2021, subject to customary closing conditions. GTCR and Reverence Capital are leading private equity firms with substantial experience in the asset management segment in which WFAM operates, as … This sale includes Wells Fargo Bank N.A.’s business of acting as trustee to its collective investment trusts and all related WFAM legal entities. Wells Fargo Asset Management has $603 billion in assets under management and 24 offices globally. "With a larger, more experienced investment team in place, we have the organizational capacity to pursue more and potentially larger-scale investment opportunities. At the end of the third quarter, the company had about $4.7 billion in assets under management in the U.S. The Chicago-based firm pioneered The Leaders Strategy™ - finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. The firm currently has approximately $13 billion in assets under management. Private equity major GTCR has bought and merged a pair of medical products businesses to create new company Corza Medi. Following its separation from Thoma Cressey (discussed above), GTCR has raised seven private equity funds totaling $20 billion in limited partner commitments: In 1978, the US Labor Department relaxed certain of the ERISA restrictions, under the "prudent man rule," a fiduciary responsibility of investment managers under ERISA. Wells Fargo (ticker: WFC) said Tuesday that it is selling its asset management business to private equity firms GTCR LLC and Reverence Capital Partners for $2.1 billion. The unit has $603bn of assets under management … 's business of acting as trustee to its collective investment trusts and all related WFAM legal entities. Forgot password? The company was founded in 1980 as Golder Thoma & Co. by Stanley Golder, Carl Thoma, and Bryan Cressey. Wells Fargo is selling its asset management arm to private equity firms GTCR and Reverence Capital Partners for $2.1bn. We attribute these long-term commitments to the strong relationships we've developed with our investors by maintaining consistency, transparency and disciplined investing.". Wells Fargo Company (NYSE: WFC) today announced that it has entered into a definitive agreement to sell Wells Fargo Asset Management (WFAM) to GTCR LLC and Reverence Capital Partners, L.P. This sale includes Wells Fargo Bank N.A.’s business of acting as trustee to its collective investment trusts and all related WFAM legal entities. "We very much appreciate the support we have received from existing as well as new investors," added GTCR Managing Director David Donnini. from 8 AM - 9 PM ET. "This is the largest fund in the firm's 37-year history," said Managing Director Craig Bondy. Wells Fargo has entered into a definitive agreement to sell Wells Fargo Asset Management (WFAM) to GTCR LLC and Reverence Capital Partners, L.P. WFAM says on its site that it has more than $607 billion in assets under management, as of Sept. 30, across its 24 global offices. The asset management unit has more than $603 billion in assets under management via 24 offices globally. Under the original application, each investment was expected to adhere to risk standards on its own merits, limiting the ability of investment managers to make any investments deemed potentially risky. WFAM is a leading asset management firm with $603 billion in assets under management,2 24 offices globally, and specialized investment teams … Both firms continue to invest primarily through consolidations of specific industries, referred to as roll-ups: GTCR invests through a series of private limited partnerships and its investors include a variety of pension funds (e.g., Washington State Investment Board,[13] Pennsylvania State Employee's Retirement System[14]) endowments and other institutional investors. The sale includes Wells Fargo’s business of acting as trustee to its collective investment trusts and all related Wells Fargo Asset Management legal entities. HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. CAPTRUST has more than 700 employees and 43 offices in 21 states. The unit has $603 billion of assets under management … [1], The firm principally invests in high-growth industries, including financial services & technology, healthcare, information services & technology, and growth business services. Media Inquiries: Eileen Rochford (312) 953-3305 [email protected], Cision Distribution 888-776-0942 GTCR LLC is a leading private equity firm focused on investing in growth companies in the growth business services, technology, media & telecommunications, healthcare, and financial services & technology industries. The fund, with a target of $4.5 billion, was quickly oversubscribed. GTCR LLC and Reverence Capital Partners agreed to buy Wells Fargo Asset Management for $2.1 billion, according to a statement Tuesday. This sale includes Wells Fargo Bank N.A.’s business of acting as trustee to its collective investment trusts and all related WFAM legal entities. Wells Fargo is selling its asset management arm to GTCR and Reverence Capital Partners for $2.1bn, according to the terms of the agreement. [2], The fund employs The Leaders Strategy™, which involves recruiting experienced management teams to run their portfolio companies.[3]. ... Chicago-based GTCR was founded in 1980 and has invested more than $20 billion in … According to a press release, under the terms of the agreement, the purchase price is $2.1 billion. Under the revised 1978 interpretation, the concept of portfolio diversification of risk, measuring risk at the aggregate portfolio level rather than the investment level to satisfy fiduciary standards would also be accepted. GTCR LLC is a private equity firm focused on leveraged buyout, leveraged recapitalization, growth capital and rollup transactions. As a result, the firm's fundraising activity culminated in reaching the hard cap only five months after the initial launch in May 2017. The strategic partnership between GTCR and Reverence Capital—both well-respected private equity firms with deep experience investing in asset managers—will allow WFAM to operate as an independent firm dedicated solely to the asset management service of institutional, retirement, and wealth management clients around the world. CHICAGO, Oct. 11, 2017 /PRNewswire/ -- GTCR today announced the final closing of its twelfth buyout fund, GTCR Fund XII, with $5.25 billion of limited partner capital commitments. Wells Fargo & Company (NYSE: WFC) announced that it has entered into a definitive agreement to sell Wells Fargo Asset Management (WFAM) to GTCR LLC and Reverence Capital Partners, L.P. Leading Private Equity Firm Exceeds Target. GTCR LLC and Reverence Capital Partners, L.P. announced today that they have signed a definitive agreement to acquire Wells Fargo Asset Management ("WFAM") from Wells Fargo & … WFAM is a leading asset management firm with $603 billion in assets under management,2 24 offices globally, and specialized investment teams … (Bloomberg) -- Wells Fargo & Co. is in talks to sell its asset-management business to a private equity consortium led by GTCR LLC and Reverence Capital Partners, according to a person familiar with the matter, as Chief Executive Officer Charlie Scharf revamps the long-beleaguered bank. 1 Under the terms of the agreement, … We look forward to supporting its organic and acquisition-driven growth,” added Mike Hollander, Managing Director of GTCR. Don't have account ? Under … Enter username and password to log on: Remember me Sign in! Under the […] ... Lightbank, the venture capital firm co-founded by Groupon billionaire Eric Lefkofsky, has doubled its assets under management through … Consistent with GTCR's Leaders Strategy™ of partnering with management leaders in core domains to identify, acquire and build market-leading companies, Fund XII will seek to partner with management leaders who have strong track records of equity value creation. Wells Fargo Enters Agreement with GTCR and Reverence Capital Partners to Sell Wells Fargo Asset Management Article Stock Quotes (1) FREE Breaking News Alerts from StreetInsider.com! Since 1980, GTCR has invested more than $14 billion in over 200 companies. Signup now. [4] In the 1970s, Golder built the private equity program at First Chicago Corp.[5] where he is noted primarily for backing Federal Express and for efforts as chairman of the National Venture Capital Association and the National Association of Small Business Investment Companies to change federal laws allowing pensions to invest in private equity. WFAM has $603 billion in assets under management, 24 offices globally and specialized teams supported by more than 450 investment professionals. GTCR and Reverence Capital are leading private equity firms with substantial experience in the asset management segment in which WFAM operates, as … Login. Since 1980, GTCR has invested more than $15 billion in over 200 companies. In 1998, disagreements between the senior partners led Golder, Thoma, Cressey, Rauner, Inc. split into two private equity firms. http://www.gtcr.com/the-leaders-strategy/, Rauner makes it official, retires from GTCR, "Dealmakers' boot camp; Golder Thoma: A buyout industry proving ground", Personality Profile: Cressey Takes Specialization To The Next Level, Washington State Investment Board Private Equity IRR Report, Pennsylvania State Employee's Retirement System Detailed Holding Information, History of private equity and venture capital, Private investment in public equity (PIPE), Taxation of private equity and hedge funds, Private equity and venture capital investors, https://en.wikipedia.org/w/index.php?title=GTCR&oldid=979580418, Financial services companies established in 1980, Private equity firms of the United States, Articles with dead external links from December 2018, Articles with permanently dead external links, Creative Commons Attribution-ShareAlike License, This page was last edited on 21 September 2020, at 15:00. For more information, please visit www.gtcr.com. Since 1980, GTCR has invested more than $15 billion in over 200 companies. A fter months of rumors, Wells Fargo announced today that it plans to sell its asset management arm to the private equity firms GTCR and Reverence Capital Partners for $2.1 billion..