CHARLOTTE, NC - February 24, 2011
Wells Fargo & Company (NYSE: WFC) today announced the launch of the Wells Fargo Business Development Company Index, a rules-based index measuring the performance of certain NYSE and NASDAQ listed Business Development Companies (BDCs). Wells Fargo’s Business Development Company Index is the first in the industry comprised exclusively of BDCs.
Business Development Companies were created as public vehicles that invest in private equity and were intended to increase cash flow to small businesses. To qualify as a BDC, a company must be registered with the Securities and Exchange Commission and have elected to be regulated as a BDC under the Investment Company Act of 1940. Companies listed in the Index must satisfy specified market capitalization and other eligibility requirements. As of the launch date, the Index is comprised of 24 BDCs.
“The Wells Fargo Business Development Company Index will help educate investors and advisors by providing a benchmark for this unique sector,” said Dan Forth, head of Strategic Indexing for Wells Fargo. “We’re pleased to be able to add this Index to our growing suite of strategic indexing tools and services.”
“Assets under management linked to Wells Fargo indices are approximately $2.0 billion, up 15% year-over-year,” said Diane Schumaker-Krieg, global head of Research & Economics. “It’s an area we intend to grow in 2011 and we’re excited about our new product line-up.”
The Index is float-adjusted, modified market capitalization weighted and rule-based to provide diversified exposure in the market. It is priced daily and available on Bloomberg Professional Service® by typing WFBDC Index < GO >.
Customers with questions about this index may contact the Strategic Indexing Group at 704-383-4097.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.