Briefly
San Francisco-based Wells Fargo & Co. received clearance from federal antitrust enforcers to acquire Strong Capital Management Inc., which was penalized this year for improper mutual fund trading.
The Justice Department cleared the sale by Strong Capital founder Richard Strong, according to the Federal Register. The transaction also needs the Federal Reserve Board’s approval.
The bank will eliminate 27 Strong funds and continue to offer 42 in a consolidation plan expected to take effect in the second quarter of 2005.
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