Allspring Global Investments has commenced operations as an independent asset management and has acquired Wells Fargo Asset Management via GTCR LLC and Reverence Capital Partners.
Allspring Global Investments is an independent asset manager with more than $587 billion in assets under management.
“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 CEO of Allspring. “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.”
“Independence provides the organization with a unique opportunity to expand its leadership position in the asset management industry,” said Collin Roche, Co-CEO and managing director of GTCR. “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.”