Management Strategies

09:55 AM
Reuters
Reuters
News
Connect Directly
RSS
E-Mail
50%
50%

Wells Fargo Buying Prime Brokerage Firm Merlin

Wells Fargo on Friday said it is buying a prime brokerage services and technology provider in a deal that will allow it to cross-sell more services to hedge fund customers.

Wells Fargo & Co on Friday said it is buying a prime brokerage services and technology provider in a deal that will allow it to cross-sell more services to hedge fund customers.

The San Francisco-based bank did not disclose terms of the acquisition of Merlin Securities LLC, which is based in San Francisco and New York.

Merlin's employees will join Wells Fargo Securities, the No. 4 U.S. bank's capital markets and investment banking unit. Merlin's managing partners will continue to lead the Prime Services Offering.

The deal, subject to regulatory approvals, is expected to close in the third quarter. Wells Fargo has been active on the acquisition front in recent months, closing its purchase of an energy-lending business from BNP Paribas SA on Tuesday.

(Reporting By Rick Rothacker in Charlotte, North Carolina; Editing by Gerald E. McCormick)

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology - August 2014
Modern core systems are emerging as the foundations of effective channel integration and customer engagement initiatives.
Slideshows
Video
Bank Systems & Technology Radio