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Products January 25, 2005
Wells Fargo to Rename Mutual Funds When Strong Merger Complete
January 25, 2005 (PLANSPONSOR.com) - Wells Fargo
Funds Management has announced that it will rename its mutual
fund family when the merger between it and certain Strong
funds is completed in the second quarter.
Reported by Kip McDaniel
The new name, according to a press release from the company, will be Wells Fargo Advantage Funds and will take effect when Wells Fargo’s acquisition of $29 billion in assets from Strong Financial Corporation is complete. When the two companies combine, they will form the 20 th largest mutual fund company in the nation. Wells Fargo has $100 billion in mutual fund assets under management, which will be combined with $24 billion from Strong.
The new fund group will feature 120 mutual funds. Its strengths are expected to be in growth and value stocks as well as fixed-income and asset allocation offerings, according to the company.