Administration July 7, 2004

Wells Expands Social Investment Prowess with Advisory Firm Buy

July 31, 2002 (PLANSPONSOR.com) - Wells Fargo has inked an agreement to buy an investment advisory firm in the Silicon Valley - one that is expected to strengthen Wells' social investing capabilities.
Reported by

Palo Alto-based Nelson Capital Management, a privately held investment advisory firm, is the acquiree.  Nelson currently provides investment management for over 400 high net worth clients in northern California, focusing on the Silicon Valley. The company has $674 million in assets under management, as of last December 1, according to the firm.

Regarding the Nelson acquisition, Dennis Mooradian, CEO of Wells Fargo Private Client Services, noted “?it will strengthen our investment management expertise in socially responsible investing, one of Nelson Capital Management’s specialties. We look forward to satisfying all the financial needs of Nelson Capital Management’s customers and helping them succeed financially in this important northern California market.”

Wells Fargo’s Private Client Services has $134 billion in assets under administration, including $38 billion actively managed for high net worth investors as of May 2002.  It provides investment management, trust and estate services, and private banking from 61 offices in 23 states.

see also our interview with  Wells Fargo’s Dick Kovacevich

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