WELLS FARGO ACQUIRES FAS HOLDINGS, INC.
SAN FRANCISCO — July 23, 2002
Wells Fargo & Company (NYSE:WFC) said today that it has acquired FAS Holdings, Inc., a San Diego-based, privately held provider of full-service brokerage and investment services to retail clients through independent contractor financial consultants and broker/dealers.
FAS Holdings, Inc. provides securities transaction processing and a full range of investment products to a network of almost 500 independent financial consultants in 50 states through its subsidiary, First Allied Securities, Inc. It also provides intermediary clearing for small broker/dealers through its subsidiary, Western Securities Clearing Corp.
"FAS financial consultants and their clients will benefit from a broad array of Wells Fargo capabilities, including personal trust services, credit, mortgages, and insurance," said Dennis Mooradian, CEO of Wells Fargo Private Client Services. "We look forward to supporting these financial consultants so that they can work even more effectively with their clients and help them succeed financially. This acquisition will give Private Client Services an important opportunity to expand the distribution of Wells Fargo products and services by significantly increasing the number of relationships we have with independent contractor financial consultants."
"Our financial consultants and broker/dealers will benefit tremendously from this partnership with Wells Fargo," said Adam Antoniades, President of FAS Holdings, Inc. "For quite some time FAS has shared a vision of providing our financial consultants the broadest possible array of products and services to help clients achieve their financial goals. Wells Fargo will allow our already successful network of professionals to become even more of a one stop shopping financial services destination."
Wells Fargo's Private Client Services has $134 billion in assets under administration, including $38 billion actively managed for high net worth investors (5/02). It provides investment management, trust and estate services, and private banking from 61 offices in 23 states, including offices in Chicago, Denver, Des Moines, Los Angeles, Minneapolis, Omaha, Palo Alto (Calif.), Portland (Ore.), Sacramento, San Antonio, San Francisco, Scottsdale (Ariz.), and Seattle. Brokerage services are offered through over 800 registered branch locations of Wells Fargo Investments, LLC, member NYSE/SIPC.
Wells Fargo & Company is a $315 billion diversified financial services company providing banking, insurance, investments, mortgage, and consumer finance services through more than 5,400 stores and the internet (www.wellsfargo.com ) across North America and elsewhere internationally (6/02).
Private Client Services provides financial products and services through various banks and brokerage affiliates of Wells Fargo & Company including Wells Fargo Investments, LLC (member NYSE/SIPC).