[Federal Register Volume 60, Number 204 (Monday, October 23, 1995)]
[Notices]
[Pages 54372-54373]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-26099]
=======================================================================
-----------------------------------------------------------------------
[[Page 54373]]
FEDERAL RESERVE SYSTEM
Barclays, PLC; Acquisition of Company Engaged in Permissible
Nonbanking Activities
Barclays, PLC and Barclays Bank, PLC, both of London, England
(Notificants), have provided notice pursuant to section 4(c)(8) of the
Bank Holding Company Act (12 U.S.C. 1843(c)(8)) (BHC Act) and Sec.
225.23(a)(3) of the Board's Regulation Y (12 CFR 225.23(a)(3)), to
acquire the following organizations: Wells Fargo Investment Advisors,
The Nikko Building U.S.A., Inc., Wells Fargo Nikko Investment Advisors,
Wells Fargo Foreign Funds Advisors, Wells Fargo Institutional Trust
Company, N.A., and Wells Fargo Nikko Investment Advisors International,
all of San Francisco, California. Notificants also have applied to
acquire certain assets and assume certain liabilities of the 401(k)
MasterWorks Division of Wells Fargo Bank, N.A., San Francisco,
California. Upon consummation of this proposal, Notificants would
engage in the following activities:
(1) performing functions or activities that may be performed by a
trust company pursuant to 12 CFR 225.25(b)(3);
(2) engaging in investment advisory services pursuant to 12 CFR
225.25(b)(4);
(3) providing securities brokerage services pursuant to 12 CFR
225.25(b)(15);
(4) providing investment advisory services with respect to futures
and options on futures on financial commodities, including
discretionary portfolio management services;
(5) providing administrative and certain other services to
investment companies; and
(6) providing employee benefits consulting services.The Board
previously has determined that these activities are closely related to
banking. See 12 CFR 225.25(b)(3), (4), (15), & (19); Banque Nationale
de Paris, 81 Federal Reserve Bulletin 386 (1995) and CS Holding, 81
Federal Reserve Bulletin 803 (1995) (providing futures-related
discretionary portfolio management services); Mellon Bank Corporation,
79 Federal Reserve Bulletin 626 (1993) (providing administrative and
other services to investment companies); and Centerre Bancorporation,
73 Federal Reserve Bulletin 365 (1987) and Norstar Bancorp, Inc., 72
Federal Reserve Bulletin 729 (1986) (employee benefits consulting
services). Notificants have stated that they would engage in the
proposed activities in accordance with Board orders and regulations.
In order to approve the proposal, the Board must determine that the
proposal ``can reasonably be expected to produce benefits to the
public, such as greater convenience, increased competition, or gains in
efficiency, that outweigh possible adverse effects, such as undue
concentration of resources, decreased or unfair competition, conflicts
of interests, or unsound banking practices.'' 12 U.S.C. 1843(c)(8).
Notificants believe that the proposal would produce public benefits
that outweigh any potential adverse effects. In particular, Notificants
maintain that the proposal would enhance competition and enable
Notificants to offer their customers a broader range of products.
Notificants also maintain that its proposal would not result in any
adverse effects.
In publishing the proposal for comment, the Board does not take a
position on issues raised by the proposal. Notice of the proposal is
published solely to seek the views of interested persons on the issues
presented by the application and does not represent a determination by
the Board that the proposal meets, or is likely to meet, the standards
of the BHC Act. Any comments or requests for hearing should be
submitted in writing and received by William W. Wiles, Secretary, Board
of Governors of the Federal Reserve System, Washington, D.C. 20551, not
later than November 8, 1995. Any request for a hearing on this
application must, as required by Sec. 262.3(e) of the Board's Rules of
Procedure (12 CFR 262.3(e)), be accompanied by a statement of the
reasons why a written presentation would not suffice in lieu of a
hearing, identifying specifically any questions of fact that are in
dispute, summarizing the evidence that would be presented at a hearing,
and indicating how the party commenting would be aggrieved by approval
of the proposal.
This application may be inspected at the offices of the Board of
Governors or the Federal Reserve Bank of New York.
Board of Governors of the Federal Reserve System, October 17,
1995
William W. Wiles,
Secretary of the Board.
[FR Doc. 95-26099 Filed 10-20-95; 8:45 am]
BILLING CODE 6210-01-F
