Wells Fargo Funds Management LLC, the mutual fund arm of the San Francisco financial services company, announced that its fund family's board of trustees has approved an initiative to simplify its fund lineup by merging or eliminating 15 portfolios.
The Wells Fargo Advantage Funds family also will close Class B shares of its funds at the end of the first quarter.
"The decision to refine our product lineup is made with the client in mind," Karla Rabusch, the president of Wells Fargo Advantage Funds, said in a press release. "We're uniting funds with similar investment objectives and subadvisers while also eliminating product overlap, which will make our fund family easier for clients to navigate."
The planned reorganization, which was announced Tuesday, is subject to shareholder approval.
Wells Fargo Advantage Funds managed 125 portfolios with $150 billion of assets as of Nov. 30.
