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June 1, 2012

Wells Fargo Expanding Custody and Clearing

By Editorial Staff

Wells Fargo Securities is buying the prime brokerage services of Merlin Securities, which includes its custody and clearing services. They are part of Merlin Securities' MerlinSharp and MerlinPrime services. They also provide operational support and securities trading.

"This is a logical extension of our offering to the investment industry, which is increasingly focused on tools to enhance risk management and improve capital efficiency," said John Shrewsbury, head of Wells Fargo Securities.

"In addition, it also provides new cross-sell opportunities for existing customers of both Wells Fargo and Merlin," Shrewsbury added.

Wells Fargo officials are hoping the Merlin purchase will lead clients to combine the various elements of prime brokerage, including clearing and custody services, in one place.

"Merlin's open architecture," said Chris Bartlett, head of equity sales and trading at Wells Fargo Securities, "enables clients to choose the custodian and trading platform that is right for their business."

Wells Fargo Securities is the capital markets and investment banking arm of Wells Fargo & Company.

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