Wells Fargo, the US-headquartered bank, has struck a deal to offload its asset management arm in a transaction worth $2.1bn.

Wells Fargo Asset Management, which oversees more than $600bn in assets, has been acquired by private equity firms GTCR and Reverence Capital. As part of the transaction, Wells Fargo will own a 9.9% equity interest and will continue to serve as a client and distribution partner to the fund management business.