Davis Polk is advising Wells Fargo Asset Management in connection with its sale of its majority interest in The Rock Creek Group, LP to the company’s founder, Afsaneh Beschloss, and the Rock Creek team. The transaction is subject to customary closing conditions and is expected to close by the end of August 2018. Financial terms of the transaction were not disclosed.

Wells Fargo Asset Management, a division of Wells Fargo Wealth and Investment Management, strives to help clients achieve their financial goals through investment options managed by specialized investment teams that are supported by independent risk management and backed by superior, collaborative service. With more than $497 billion in assets under management (as of March 31, 2018), Wells Fargo Asset Management has 29 autonomous investment teams with specialized expertise and proven processes, more than 500 investment professionals, and a global reach with offices and clients around the world.

Rock Creek Group is a registered investment advisor located in Washington DC and New York. Rock Creek has been an affiliate of Wells Fargo Funds Management since December 2012, when Wells Fargo Asset Management acquired a minority ownership stake of 35%. In April 2014, Wells Fargo Asset Management increased its equity ownership to a majority stake of 65%.

The Davis Polk corporate team includes partners William L. Taylor and Harold Birnbaum and associates Jeffrey Scharfstein and Michael Senders. Partner David H. Schnabel is providing tax advice. Partner Margaret E. Tahyar and counsel Christopher M. Paridon are providing regulatory advice. Partners Leor Landa and Gregory S. Rowland are providing investment management advice. Partner Ronan P. Harty is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.