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Wells Fargo Buys FAS Brokerage Firm

July 24, 2002|Reuters

Wells Fargo & Co. said it bought San Diego-based brokerage and investments firm FAS Holdings for undisclosed terms to expand its distribution channels and its roster of wealthy clients.

FAS provides securities transaction processing and investment products to almost 500 independent financial consultants in 50 states through its unit First Allied Securities Inc. It also provides intermediary clearing for small broker-dealers at its Western Securities Clearing unit.

Wells' private client unit has $134 billion in assets under administration, including $38 billion managed for wealthy investors.

Shares of San Francisco-based Wells fell $1.78 to $42.63 on the New York Stock Exchange.

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