Earlier this year, Wells Fargo announced an acquisition by GTCR, LLC and Reverence Capital Partners, LP to acquire Wells Fargo Asset Management (WFAM) and Wells Fargo Funds. The goal of the transaction is to further the independence of the asset management team, add efficiency to fund distribution and operations to grow assets, and leverage the strengths of WFAM for the benefit of shareholders. You can view the details of the transaction here. (If the previous link did not work, go to WFAM’s home page here and choose your location. Make sure to accept their terms and conditions in order to proceed. Once you are on their main page, hover over their “About Us” tab and click on “Acquisition Resource Center” to read the associated details of the transaction.)
In the coming days and weeks, you may receive materials related to this transaction and the shareholder proxy voting process. While you are not required to vote, doing so is a right reserved by shareholders of WFAM funds as of May 28, 2021.
At the core of this new partnership is the shared belief in the importance of the WFAM investment culture, a culture that believes in and supports investment talent, and focuses on providing solutions that continue to put shareholders at the center of everything they do. This shared vision will allow the team to build upon their long and successful history and to grow and evolve with shareholders. Voter approval is required for the new advisory and sub-advisory agreements that will allow the transaction to proceed. As such, choosing not to vote may result in additional materials being sent and calls placed to encourage participation in the proxy vote. Please note that Broadridge Financial Solutions, Inc, a firm that specializes in supporting proxy votes, will manage all aspects of the communication process.
We are grateful for the confidence you have placed in our teams and our firm and look forward to continuing to serve your needs for many years to come. Should you have any other questions about this proxy process, wish to offer feedback, or any other matters, please do not hesitate to contact the Cedar Cove team.
You can view a sample ballot here: Proxy Ballot Sample
