Wells Fargo acquires stake in hedge funds firm

Wells Fargo has bought a 35 percent stake in The Rock Creek Group, a fund of hedge funds based in Washington, D.C., to offer more investment options to its high-income asset management customers, the bank said.

Rock Creek, which has 50 employees and $7 billion under management, will maintain its management structure and investment philosophy. The firm focuses on alternative investments and emerging markets through multi-manager portfolios.

The price of the deal was not disclosed. Wells may acquire a larger stake in the future, the bank said.