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BtoB

Wells Fargo to buy Ragen MacKenzie

Published on .

San Francisco--Wells Fargo & Co. has reached a definitive agreement to buy Ragen MacKenzie Group, a Seattle-based full-service brokerage, in a deal valued at $206 million. Ragen MacKenzie has equity research and syndication capabilities, two key facets that Wells currently lacks, said Dennis Mooridian, president of Wells Fargo's Private Client Services unit, in a statement. Equity research and syndication capabilities are important factors when marketing to institutional investors. Ragen MacKenzie has 380 institutional and retail marketing reps, and 68,000 institutional and retail clients, mostly in the Pacific Northwest.
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