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Article: H.D. Vest after Wells Fargo's acquisition: The big get bigger.(Brief Article)
- Article from:
- Accounting Today
- Article date:
- August 20, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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IRVING, TEXAS -- Mirroring the merger and acquisitions trend in the accounting profession, the broker-dealer firms that serve accountants are also bulking up.
One of the latest high-profile examples of such deals was banking service conglomerate Wells Fargo's acquisition of H.D. Vest, based here.
Vest will now operate as part of the Wells Fargo Private Client Services division that offers investment management, brokerage services, trust and private banking to high-net-worth clients.
Wells Fargo acquired Vest, which generated revenue of $150 million and had some $16 billion in assets under management, for stock and cash valued at $127.5 million. ...