Wells Fargo Funds Management has completed the mergers of mutual funds families between Wells Fargo & Company and the former Wachovia.
The integration included the reorganization of 27 Evergreen Funds into new Wells Fargo Advantage Funds and the merger of 53 mutual funds from both families. In addition, new advisory and subadvisory contracts, trustee appointments, and name changes were approved for four former Evergreen closed-end funds.
The combination of the Wells Fargo Advantage and Evergreen Fund families positions Wells Fargo Advantage Funds as the 11th largest fund family in the US, with $224.1bn in assets under management, according to Wells Fargo.
Karla Rabusch, president of Wells Fargo Advantage Funds, said: “We have created a highly competitive mutual fund family that is compelling to our clients and will meet their diverse and evolving needs.
“The integration delivers several benefits to our current and prospective clients. These benefits include a new array of offerings that reflects the best investment capabilities from both fund families, lower expenses for many shareholders, and an enhanced ability to work closely with clients to help them reach their financial goals.”
Wells Fargo acquired Wachovia, Evergreen’s parent company, in a $12.7bn deal that closed on January 1, 2010.