As part of a continuing effort to streamline its retail brokerage business, Wells Fargo & Company this week said it will sell its H.D. Vest financial services business to private equity firm Parthenon Capital Partners.

The definitive agreement follows industry chatter that emerged in May that Wells Fargo had been seeking a private equity suitor for the H.D. Vest business. Wells Fargo declined to comment on the matter at that time.

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