San Francisco-headquartered Wells Fargo is in a buying mood. The bank has inked a deal to purchase Portland, Oregon-based Benson Associates. The deal would bring it a value manager with about $1.3 billion of equity assets under management.

The firms did not disclose terms of the agreement, which they expect to be completed in the fourth quarter of 2003. Cambridge International Partners acted as financial adviser to Benson Associates.

The deal will put Benson Associates into the bank's Wells Capital Management unit that is in turn a unit of Wells Fargo's Institutional Investments Group. Benson Associates is known for its "contrarian" investment strategy, will continue to operate as a distinct "investment team" according to the bank. In the past it has marketed it investment products to large and mid-size institutions.

Mike Niedermeyer, executive vice president of Wells Fargo's Institutional Investments Group, said that the addition of Benson Associates is being made to increase the group's capabilities in managing small cap stock portfolios.

"Joining Wells Capital Management, with its broad product distribution and technology resources, is an exciting new chapter in the continued growth of the firm," said Dale Benson, chief investment officer, portfolio manager and co-founder of Benson Associates in a statement. "The success already achieved in the six years since our founding will be further enhanced by joining with Wells Capital to the benefit of our employees and clients."  

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