Bloomberg – Wells Fargo & Co. plans to withdraw the capital from its affiliated hedge-fund firm, Overland Advisors LLC, as the asset manager seeks new investors, two people with direct knowledge of the matter said.
Wells Fargo, responding to U.S. curbs on risk-taking by banks, will withdraw about $150 million every quarter through the first half of 2014, said one of the people, declining to be identified because the move isn’t public. Overland manages about $2.1 billion, according to a two-page factsheet provided by Laura Fay, a bank spokeswoman. The fund is looking to raise $1 billion from outside investors, the people said.
