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Wells Fargo eyes takeover of Jupiter and Henderson

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US bank Wells Fargo is considering a number of takeovers of UK fund groups in a bid to boost its presence in investment banking and wealth management.

Among its targets are thought to be Henderson and Jupiter, the Sunday Times reports. Henderson is worth £3.2bn, while Jupiter is worth £2.1bn.

Wells Fargo is the fourth biggest bank by loan book in the US, and has the largest network of retail branches in the country. The bank gained a foothold in investment banking when it acquired Wall Street firm Wachovia during the financial crisis in 2008.

Chief executive John Stumpf is reportedly planning to double the size of Wells Fargo’s funds business over the next 10 years.

The bank recently agreed a deal to take on 300 advisers from Credit Suisse’s private bank in New York, which is being wound down.

Wells Fargo declined to comment to the newspaper.

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  1. Oh dear. The Yanks are coming. Is this a good thing? I have doubts.

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