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"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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Wells Fargo is planning to increase its $444 billion asset management business twofold over the next seven years as its operations extend into international markets, tapping those affected by the European sovereign debt crisis, Family Wealth Report can confirm.  

As part of the move, it is understood that Wells Fargo will add foreign stock and bond strategies to its US-based mutual fund unit, as well as opening six additional Luxembourg-based funds for offshore clients.

Additionally, the San Francisco-based bank is looking to purchase a business so as to offer clients greater access to select hedge funds.

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