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updated: 7/7/2011 1:50 PM

Wells Fargo buys benefits consultant Edify

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Associated Press

NEW YORK -- Wells Fargo & Co. said Thursday that its insurance services unit bought Edify LLC, an employee benefits consultant based in Fort Lauderdale, Fla.

Terms of the deal, which closed last Friday, were not disclosed.

Edify CEO Howard Gruverman and President Carlos Castresana will join Wells Fargo Insurance Services. The company's 19 staff members will remain at their current location, Wells Fargo said.

The company was founded in 1996 and works with businesses of varying sizes and public entities throughout the country to provide health and wellness programs aimed at reducing health care costs.

Wells Fargo shares added 67 cents, or 2.4 percent, to $28.79 in midday trading.