Posted inFund news

Wells Fargo AM increasing subfunds in Singapore

Wells Fargo Asset Management has made many of its sub-funds available in Singapore for the first time through two of that country’s largest third-party mutual fund distribution platforms: iFAST and PhillipCapital.
The US-based asset manager said the availability of its (Lux) Worldwide Fund subfunds on these platforms would make it easier for investors to research them and trade them.
With respect to iFAST, the range will be available through its IFA Central, iFAST Global Prestige and divisions, Wells Fargo said.
Karla Rabusch, president of Wells Fargo Funds Management, the investment adviser to the Wells Fargo (Lux) Worldwide Fund, said that the company has been expanding its global investment network since 2008, “in order to bring Wells Fargo’s investment management and expertise to investors outside the United States”.
“Our fund offerings as well as our broad range of segregated accounts have been well received by institutional investors,” she added. “Now we are pleased to expand our Asian offerings to retail investors in Singapore.”
Most of the  sub-funds in the Wells Fargo (Lux) Worldwide Fund are recognised by the Singaporean regulator, the Monetary Authority of Singapore, Wells Fargo said.
At the end of December, Wells Fargo Asset Management had more than $452bn (£291m, €338m) in assets under management globally, and its parent, Wells Fargo & Co, the largest bank in the US by market value, was looking after more than $1.4trn.
Earlier this month, the parent bank was in the news after it announced it was cutting more than 2,000 jobs in the US, where it is a major mortgage lender, citing the prospect of a decline in demand for new mortgages.

Part of the Mark Allen Group.