Wells Fargo is looking to expand as other banks retreat. Deutsche Bank AG agreed to sell its U.S. private-client services unit to Raymond James Financial Inc. this month, while Barclays Plc agreed in June to sell its U.S. wealth-management business to Stifel Financial Corp.

Wells Fargo also is interested in buying a U.K. asset manager, and is considering several potential takeover targets, including Henderson Group Plc and Jupiter Fund Management Plc, the Sunday Times reported last month, without citing anyone.

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