Wells Fargo aims to be a hedge fund power

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How important is institutional business to Wells Fargo? It has committed to doubling its assets under management in this area within seven years. Toward that goal, it has purchased a 35 percent stake in hedge fund firm Rock Creek Group. The bank has an option to purchase even more, enough to give it a controlling interest. This follows the move by Wells Fargo to by a prime broker Merlin Securities. Article