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Wells Fargo Finalizes Mutual Fund Merger With Wachovia

Vanessa Doctor

21 July 2010

Wells Fargo Funds Management has finalized the merger of the mutual fund groups under Wells Fargo & Company and the former Wachovia Corporation.

The combination of the Wells Fargo Advantage and Evergreen fund families places Wells Fargo Advantage Funds as the eleventh largest fund family in the US with $224.1 billion in assets under management, the firm said in a release.

"The integration delivers several benefits to our current and prospective clients. These benefits include a new array of offerings that reflects the best investment capabilities from both fund families, lower expenses for many shareholders, and an enhanced ability to work closely with clients to help them reach their financial goals," said Karla Rabusch, the president of Wells Fargo Advantage Funds.

The merger covered the reorganization of 27 Evergreen funds into new Wells Fargo funds and the merger of 53 mutual funds from both families. Some of Evergreen's former funds have also been renamed.