Ameriprise, Others Eyeing Wells Fargo Asset Management

Ameriprise Financial Inc., CI Financial Corp. and the private equity firms GTCR and Reverence Capital Partners are weighing second-round bids for Wells Fargo & Co.’s asset management arm, according to people familiar with the matter.

The offers are due later this month, said one of the people, asking not to be identified because the matter isn’t public.

Wells Fargo may whittle down the auction to one or two suitors after the next round, depending on how good the offers are, the person said.

A final decision hasn’t been made and the firms could decide not to proceed with bids, the people said.

The asset management division could fetch more than $3 billion, people familiar with the matter said in October.

Representatives for Wells Fargo, GTCR and Reverence declined to comment. Representatives for Ameriprise and CI Financial didn’t immediately respond to requests for comment.