Wells Fargo Selected by Minnesota-Investment Manager for Outsourcing

Wells Fargo Global Fund Services has been selected by O’Brien-Stanley Partners, a Minnesota-based investment manager, to provide daily fund administration.

The mandate will also see Wells Fargo take on the middle and back office operations of the firm, which managers just over $200 million of assets.

“We have developed a strong relationship with Wells Fargo over the last three years and this further enhances our partnership,” says Adam Bernier, chief operating officer, O’Brien-Stanley Partners.

It is the latest investment manager to mandate the bank as increasing regulatory requirements are forcing small and medium sized firms to outsource their middle and back office functions in order to focus on their core business.

The mandate comes over one week after Wells Fargo was selected by Pretium, a New-York based investment manager, to provide fund administration and outsourcing solutions.