SAN FRANCISCO Wells Fargo & Co. announced Thursday that it would acquire SIFE, the adviser, administrator, and distributor of the SIFE Trust Fund.
Wells did not say how much it would pay. The deal, which awaits approval by SIFE investors, is expected to close in the first quarter.
The SIFE fund was founded in 1962 and invests at least 30% of its capital in financial service stocks. It would become the Wells Fargo SIFE Specialized Financial Service Fund, with Wells Fargo Funds Management LLC as adviser and administrator.
SIFE says it holds, among other positions with US banking companies, 5.8% of its assets in FleetBoston Financial Corp., 4.3% in Comerica Inc., and 4% in Wells Fargo. As of July 31, SIFE had $789 million under management for 23,400 investors.
Wells is working on a transition strategy for SIFEs 25 or so staff members.