Wells Fargo Asset Management Luxembourg has expanded license in Luxembourg to support European market.
TheCommission de Surveillance du Secteur Financier (CSSF), the financial regulator of Luxembourg, has granted a non-objection to the expansion of Wells Fargo Asset Management Luxembourg's (WFAML's) existing license.
The expansion of WFAML's license in Luxembourg will permit the provision of discretionary portfolio management and investment advisory services to Wells Fargo Asset Management's (WFAM's) European institutional investors. As part of WFAM's efforts to support its European Union client base, WFAML will broaden its presence with branches in Frankfurt and Paris.
"By strengthening the capabilities of WFAM in Luxembourg, along with dedicated WFAM branches in Frankfurt and Paris, we are well positioned to deepen relationships with our European client base, as well as with investors based in other international markets," said Deirdre Flood, head of International Distribution for WFAM.
"With the prevailing uncertainty around Brexit, this small but meaningful change to our current structure will ensure continued service for all of our existing European Union clients and will facilitate the future development of WFAM in this key market," added Flood.
Through its existing presence in London, WFAM will continue to serve its UK and international clients. WFAM's London-based portfolio management teams—WFAM Credit Europe and WFAM Global Fixed Income—will continue to maintain operations from WFAM's London offices.