Wells Fargo & Co said on Tuesday it had agreed to sell its asset management business, which manages more than $603 billion on behalf of customers, to private equity firms GTCR LLC and Reverence Capital Partners for $2.1 billion.

The sale represents the biggest shake-up at the US bank since former Bank of New York Mellon top boss Charles Scharf joined as chief executive officer in 2019.

Wells Fargo will own a 9.9% stake in the asset management unit and will continue as a client and distribution partner, the bank said.

Reuters, citing sources, reported in January that the bank was close to sealing a deal with the buyout firms.

The sale of the asset management arm is in-line with steps taken by Scharf to turn around Wells Fargo following a sales practices scandal.

The bank agreed in January to sell its Canadian direct equipment finance business to Toronto-Dominion Bank.

The deal for the asset management business is expected to close in the second half of 2021. Wells Fargo Securities served as the exclusive financial advisor to Wells Fargo for the deal.