Wells Fargo Asset Management (WFAM) has sold its majority stake in The Rock Creek Group, LP to the company’s founder, Afsaneh Beschloss, and the RockCreek team.
The transaction is expected to close by the end of August 2018.
The decision was made jointly by senior management at Wells Fargo and RockCreek and reflects their shared view that the transaction supports each firm’s strategic direction and that clients of RockCreek will be best served by a founder- and management-team-led ownership structure.
Rock Creek Group is a registered investment adviser located in Washington, D.C., and New York.
RockCreek has been an affiliate of Wells Fargo Funds Management since December 2012, when WFAM acquired a minority ownership stake of 35 percent. In April 2014, WFAM increased its equity ownership to a majority stake of 65 percent.
Additional transaction details were not provided.