The portfolio also contains about $3bn outstanding commitments.
Wells Fargo said that subscription finance offers revolving and term loans and real-estate investment funds to facilitate investment activities.
The subscription-finance business of Wells Fargo will be run by former head of WestLB’s subscription finance business, Dee Dee Skylar.
Skylar will lead a team of 14 members which will also include eight WestLB employees.
Wells Fargo head of asset-backed Finance and Securitization Julie Caperton said that the company has been growing its subscription finance business organically for many years.
"This acquisition enhances our position in the marketplace and provides our clients with dedicated customer service as well as Wells Fargo’s strength, stability and broad product set," Caperton said.
Financial terms of the transaction, which is anticipated to close by the end of the second quarter of 2012, were not disclosed.
