Wells Fargo Asset Management is set to rebrand as Allspring Global Investments under its new CEO upon closure of its acquisition by GTCR and Reverence Capital Partners.
US investment bank Wells Fargo agreed to sell off its asset management arm to the private equity firms for $2.1 billion in February as it looked to refocus its attention on its wealth and brokerage businesses.
The transaction and name change will be completed in the second half of this year subject to customary closing conditions, Wells Fargo said.
Joseph Sullivan, the former CEO of Legg Mason, the asset management arm of Franklin Templeton, has also been named CEO of Allspring Global Investments.
Wells Fargo confirmed in February that Sullivan would become executive chairman upon closure of the acquisition. He will be CEO in addition to his role as executive chairman, and succeeds Wells Fargo Asset Management’s current CEO, Nico Marais, who will become a senior advisor to the firm.
Sullivan brings more than 40 years of industry experience to the role having most recently served as CEO and chairman at asset manager Legg Mason for eight years until its acquisition by US investment management firm Franklin Templeton in 2020.
“In spending time with Nico and the organisation over the past few months, I have been incredibly impressed by the depth of investment expertise and quality of our people and leadership,” said Sullivan. “Our new name truly embodies a renewed corporate culture and commitment to continue to invest thoughtfully and partner with our clients to navigate the future.”