Wells Fargo files with SEC to offer ETFs

Wells Fargo & Co. is planning to join the $4.5 trillion exchange-traded fund industry, one of the last major asset managers to enter the fray.

The fourth-biggest U.S. bank by assets is seeking to register the Wells Fargo Exchange-Traded Funds Trust with the U.S. Securities and Exchange Commission, according to a Monday filing. If approved, Wells would be able to issues its own ETFs, although they haven’t registered any individual funds yet.

The San Francisco-based company joins rivals JPMorgan Chase & Co. and Goldman Sachs Group Inc., which have about $36 billion and $17 billion in their ETFs, respectively. Another large peer, Morgan Stanley, does not have any ETFs.

Wells Fargo had $1.97 trillion in assets and $935 billion in loans at the end of the second quarter.

The post Wells Fargo files with SEC to offer ETFs appeared first on InvestmentNews.

As our second lead editor, Cindy Hamilton covers health, fitness and other wellness topics. She is also instrumental in making sure the content on the site is clear and accurate for our readers. Cindy received a BA and an MA from NYU.

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