Wells Fargo & Co., the biggest U.S. bank by market value, bought a stake in Rock Creek Group LP to provide more hedge-fund offerings to clients amid a push to double the asset-management unit within seven years.
The lender purchased a 35 percent stake in the Washington- based firm and has an option to make a majority investment over time, Wells Fargo asset-management chief Mike Niedermeyer said in an interview. Rock Creek oversees about $7 billion as a fund- of-hedge-fund business, giving clients access to handpicked hedge funds and emerging markets, the bank said in a statement, which didnt disclose financial terms.
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