Brokerage Unit Of Wells Fargo Is Up For Sale
H.D. Vest, a brokerage and tax advisory unit of Wells Fargo & Company is reportedly on the market, according to a report in Investment News. Wells Fargo purchased H.D. Vest approximately 10 years ago for around $128 million and the sales price is anticipated to be in the $200 million range. As of September 30, 2010, the eighth largest independent broker-dealer had some 4,982 representatives and reported $241 million in revenue.
Originally founded by Herb D. Vest in 1983, the firm was purchased by Wells Fargo in July 2001. H.D. Vest is an Irving, Texas based firm that is the largest provider of financial services delivered through tax and accounting professionals who oversee more than $26 billion in client assets, according to its website. The move to place H.D. Vest up for sale is unusual, since Wells Fargo rarely sells business units it acquires.