Wells Fargo was doing well even before it won the opportunity to purchase Evergreen in the Wachovia deal. This morning the San Francisco-based bank revealed that assets managed by its asset management arm grow 12 percent in the 12 months ending in September.
, senior EVP, Wholesale Banking Group attributed the growth to the bank's money fund business those assets were up over 15 percent in the third quarter 2008 on a linked-quarter basis.
"Even given the difficult equity market performance, with the S&P 500 Index down 24 percent in the last 12 months, our mutual fund balances grew 12 percent. Growth was fueled mainly by increased money market balances, up over 15 percent in third quarter 2008," said Hoyt.
The company reported strong asset growth primarily due to its mutual funds. AUM for the company's funds was up 12 percent from the third quarter 2007.
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