Wells Fargo Asset Management Rebrands and Names New CEO
Private equity firms, GTCR LLC and Reverence Capital Partners L.P., have completed their $2.1 billion acquisition of Wells Fargo Asset Management.
Wells Fargo Asset Management, an asset management firm with $604 billion in assets under management, will soon rebrand as Allspring Global Investments.
As reported by The DI Wire in February, Wells Fargo & Company (NYSE: WFC) agreed to sell the company to private equity firms, GTCR LLC and Reverence Capital Partners L.P., for $2.1 billion.
The name change is expected to go into effect once the transaction closes in the second half of 2021.
In addition, Joseph Sullivan will become chief executive officer and executive chairman, succeeding Nico Marais, who will retire and continue to serve as a senior advisor.
Sullivan has more than 40 years of industry experience, previously serving as chairman and CEO of Legg Mason from 2012 until its acquisition by Franklin Templeton in 2020. He joined Legg Mason in September 2008 and served as head of global distribution and chief administrative officer prior to his promotion.
Before Legg Mason, he served on the board of Stifel Financial and as executive vice president and head of fixed income capital markets for Stifel Nicolaus from December 2005. Previously in his career, he held executive roles at Legg Mason Wood Walker, Dain Bosworth, and Piper Jaffray.
“I am honored and energized to have the opportunity to lead Allspring, as we enter a new era for the firm,” said Sullivan. “In spending time with Nico and the organization over the past few months, I have been incredibly impressed by the depth of investment expertise and quality of our people and leadership. 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.”
Wells Fargo Asset Management is an asset management firm with $604 billion in assets under management, 24 offices globally, and specialized investment teams supported by more than 480 investment professionals.
