Wells Fargo Selling Management Unit

Wells Fargo & Co. on Thursday said it plans to sell a global money management subsidiary and announced a joint venture for making home loans to California residents.

Wells Fargo Nikko Investment Advisors, one of the world’s largest asset management firms, does not fit into Wells Fargo’s core businesses, said Frederick Grauer, the unit’s chief executive, in describing the company’s decision to sell.

“We’re not globally oriented,” he said.