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Wells Fargo-Backed Hedge Fund Said to Seek Money as Bank Withdraws Capital

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.

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