Rebrand for Wells Fargo Asset Management as acquisition completes

Following the transaction, GTCR and Reverence Capital plan to grow the rebranded firm’s technology platform, wealth distribution network and global footprint.

Allspring Global Investments has officially commenced operations as an independent asset management firm, following the close of the acquisition of Wells Fargo Asset Management by GTCR and Reverence Capital Partners.

Earlier this year, US investment bank Wells Fargo agreed to sell its asset management arm to GTCR and Reverence Capital for $2.1 billion, allowing the bank to shift its attention on to its wealth and brokerage businesses.

Following the completed transaction, Wells Fargo Asset Management will now operate under its new name, Allspring Global Investments.

Allspring has more than $587 billion in assets under management as well as investment capabilities spanning across diverse asset classes and will operate across 18 offices globally.

Following the acquisition, the asset manager plans to locate its headquarters in Charlotte, North Carolina.

“We recognise that investor expectations in today’s world go beyond simply delivering alpha. Our commitment will be a continued focus on providing exceptional value to clients by elevating our investment platform and operating model,” said Joseph A. Sullivan, executive chair and chief executive of Allspring.

“With the strong support of our partners, GTCR and Reverence Capital, we are poised to capitalise on the many current opportunities before us and we see tremendous potential to expand our reach into new markets and capabilities.”

Alongside GTCR and Reverence Capital’s majority ownership, management, portfolio managers and employees of Allspring hold a significant share of the firm’s equity interests.

Wells Fargo & Co. will maintain 9.9% equity interest in the new entity and continue to act as an important distribution partner and client to Allspring.

“Independence provides the organisation with a unique opportunity to expand its leadership position in the asset management industry,” said Collin Roche, co-CEO and managing director of GTCR and Milton Berlinski, co-founder and managing partner of Reverence Capital.

“We have great confidence in Joe Sullivan and the entire leadership team as they differentiate Allspring in the marketplace by ensuring that the firm is an essential partner to its private wealth and institutional clients. We will be investing significantly in the business to grow strategic areas, including the technology platform, the distribution network, and the firm’s international footprint.”