Wells Fargo buys Charlotte investment firm

Wells Fargo buys Charlotte investment firm

CHARLOTTE, NC (Deon Roberts/The Charlotte Observer) - Wells Fargo announced Monday its asset management business has completed its purchase of Charlotte-based investment advisory firm Golden Capital Management.

San Francisco-based Wells, which has been majority owner of Golden since 2011, announced in March plans to purchase the remaining 35 percent ownership in the firm. Terms of the deal, which Wells said was finalized July 1, were not disclosed.

Golden was founded in 1999 by CEO Greg Golden and Chief Operating Officer Jeff Moser, who both previously worked for Bank of America. In 2005, Charlotte-based Wachovia, which Wells Fargo acquired in 2008, established a minority ownership interest in Golden. The firm has been operating as an independent subsidiary of Wells Fargo.

Wells Fargo said Golden, which manages assets for institutional and retail clients around the world, has about $10 billion currently under management.

Wells, which has a large presence in Charlotte, said Monday its expectation at this time is for Golden's 22 employees to be retained. The Charlotte metro area is home to roughly 24,100 Wells Fargo employees, making it the company's biggest employment hub.