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Wells Fargo Seeks To Grow Capital Markets Technical Team With Senior Hiring

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  • Wells Fargo Strategic Capital Adds Senior Investor to Lead a Technology Focused Trading Team.
  • The role will be part of Wells Fargo Strategic Capital’s senior technology investment group.
  • Thomas Richardson, Managing Director of Wells Fargo Strategic Capital, briefed Insider on the hiring plans.

Wells Fargo Strategic Capital is seeking a new Principal Investor.

An influx of investments made by the group in startups supporting capital markets, from back-end trading to data analysis, prompts Thomas Richardson, CEO of Wells Fargo Strategic Capital, to strengthen his ranks.

Capital markets are the most active vertical investment market for Richardson’s leading technology investment group (PTI) in terms of transaction activity and investments under review, he said. to Insider, three of which are currently underway.

Unlike at the start of the year, activity in the sector overtakes PTI’s other two technology-driven branches: fintech (which includes payments,

digital bank
, cash management, AI, machine learning and infosec) and proptech (which includes technologies related to real estate, insurance, logistics and business process automation).

“We have invested a decent amount of capital in the other two sectors, and right now the capital markets are where we see the most active flow of transactions,” said Richardson.

Wells Fargo Strategic Capital was launched in 2018 with the aim of standardizing and deepening the kind of tech and industrial investments the bank has been making since the late 1990s, Richardson said. With Strategic Capital, Richardson’s technology-driven team, PTI.

“If there is to be an investment in a technology company made by Wells Fargo, it will go through PTI,” he added.

While no official job vacancies have yet been identified, the addition of a capital markets investment leader would strengthen the group’s executive structure. Richardson currently leads both PTI and Capital Markets Investments. The role would join the other two chiefs overseeing the fintech and proptech branches and would report to Richardson.

Strategic Capital has added talent in “most of our industries,” according to Richardson, and the group plans to hire in all industries throughout this year.

PTI has made 35 investments in the fintech, proptech and capital markets

Richardson’s track record has prepared him well for these kinds of investments. Previously, he spent 12 years at Citi, ultimately managing a team of around 50 equity traders and leading the market structure, and two years as Chairman of the Boston Stock Exchange until its acquisition by the Nasdaq.

PTI is invested in around 35 names with an average check size of around $ 10 million. Richardson said this will grow as the group matures.

Investments also often lead to business deals with the bank, and vice versa, he added.

Wells Fargo Strategic Capital recently co-led Vestwell’s $ 70 million Series C fundraiser alongside Fin VC, a deal that also saw participation from other banks like Morgan Stanley and Goldman Sachs.

In May, Wells participated in a $ 150 million fundraiser at Forge, a stock market for private tech companies, where Richardson also joined the board. And in 2020, he participated in a $ 65 million funding round for the MEMX startup scholarship.

Richardson said he has seen this type of activity in the industry before and it underpins the group’s area of ​​investment.

“There is the private market space which is very active and which is very similar to what I experienced when I started doing it at Citigroup,” he said. A fair amount of capital was flowing into private electronic communications networks and alternative trading systems which eventually became exchanges, he added.

“The same is sort of true today where companies, for various reasons, stay private longer,” he said, and this has created a need for investors, LPs and insiders to have a vehicle to sell their shares, and these companies are looking for capital.

Sources

1/ https://Google.com/

2/ https://www.businessinsider.com/wells-fargo-strategic-capital-hiring-lead-investor-capital-markets-tech-2021-7

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