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)