Private equity firms GTCR LLC and Reverence Capital Partners L.P. have completed their previously announced acquisition of Wells Fargo Asset Management and have rebranded the company as Allspring Global Investments.
Allspring, an independent asset management firm, has more than $587 billion in assets under management and serves both institutional and wealth management clients. The firm operates across 18 offices globally and plans to locate its headquarters in Charlotte, North Carolina.
In July, the firm appointed Joseph Sullivan as chief executive officer and executive chairman, following Nico Marais’ decision to retire. Sullivan has more than 40 years of industry experience and served as chairman and CEO of Legg Mason from 2012 until its acquisition by Franklin Templeton in 2020.
“With the strong support of our partners, GTCR and Reverence Capital, we are poised to capitalize on the many current opportunities before us and we see tremendous potential to expand our reach into new markets and capabilities,” said Sullivan.
In addition to GTCR and Reverence Capital’s majority ownership, Allspring said that its management, portfolio managers, and employees hold a “significant share” of the company’s equity interests. Wells Fargo & Co. owns a 9.9 percent equity interest and will continue to serve as a client and distribution partner.
Wells Fargo Asset Management’s closed-end funds plan to change their names to include “Allspring,” effective December 6, 2021. These will include Allspring Income Opportunities Fund (NYSE: EAD), Allspring Multi-Sector Income Fund (NYSE: ERC), Allspring Utilities and High Income Fund (NYSE: ERH), and Allspring Global Dividend Opportunity Fund (NYSE: EOD).