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Allspring Global Investments

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Allspring Global Investments, LLC
FormerlyWells Fargo Asset Management
Company typePrivate
IndustryInvestment management
Founded1995;29 years ago(1995)
Headquarters
Charlotte,North Carolina,U.S.
Key people
Joseph Sullivan (Chairman and CEO)
AUMUS$465 billion (December 31, 2022)
OwnersGTCR
Reverence Capital Partners
Wells Fargo
Number of employees
1300 (2022)
Websitewww.allspringglobal.com
Footnotes / references
[1]

Allspring Global Investments(Allspring) is a globalasset managementfirm headquartered inCharlotte, North Carolina.It was previously the asset management unit ofWells Fargountil November 2021 when it commenced operations as an independent firm.

History

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Allspring Global Investments was originally the asset management unit ofWells Fargoknown as Wells Fargo Asset Management (WFAM) that was established in 1995.[2]

In October 2020, Wells Fargo was exploring the sale of WFAM as part of its efforts to focus more on core competencies and improve its financial performance after theWells Fargo cross-selling scandal.[3][4]At the time, WFAM had $607 billion inassets under managementas of September 30, 2020, and produced an annual revenue of $1 billion.[3][4]The businesses under WFAM such as Analytic Investors, Galliard Capital Management, and Golden Capital Management were included as part of the sale.[4]

On February 23, 2021, Wells Fargo announced that it agreed to sell WFAM toprivate equity firmsGTCRand Reverence Capital Partners for $2.1 billion.[2][5][6][7][8]Wells Fargo would keep a 9.9% stake in the unit and would continue as a client and distribution partner.[2][5][6][7][8][9]Over 20% of the unit would be owned by employees.[9]Nico Marais, the CEO of WFAM would continue his role leading the unit and Joseph Sullivan, the former CEO ofLegg Masonwould join as executive chairman.[5][6][8]It was believed that WFAM would be able to operate and grow more effectively on its own rather than as part of a bank that is more regulated.[5][6][7][8][9]

On November 1, 2021, the transaction was completed.[2][9][10]WFAM officially rebranded as Allspring Global Investments and commenced operations as independent firm.[2][9][10]Marais retired from his post as CEO and was succeeded by Sullivan.[2][9]

In October 2022, Allspring moved its headquarters fromSan Franciscoto Charlotte.[2][9][11][12]According to its own statement, Charlotte was selected for its business friendly environment and was also considered an importantfinancial centreon theeast coast.[11][12]

References

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  1. ^"Form ADV"(PDF).SEC.RetrievedJanuary 5,2023.
  2. ^abcdefgLang, Hannah (November 2, 2021)."Wells Fargo's spinoff of asset management business gives Charlotte a new corporate HQ".
  3. ^ab"EXCLUSIVE-Wells Fargo explores sale of asset management business-sources".Reuters.October 23, 2020.RetrievedJanuary 5,2023.
  4. ^abcBeltran, Luisa."Wells Fargo Is Weighing a Sale of Its Asset Management Business. Bids Are Said to Be Due Next Week".www.barrons.com.RetrievedJanuary 5,2023.
  5. ^abcd"Wells Fargo sells asset management arm to private equity firms for $2.1 billion".Reuters.February 23, 2021.RetrievedJanuary 5,2023.
  6. ^abcd"Here's What the Wells Fargo Asset Management Deal Means".Institutional Investor.February 23, 2021.RetrievedJanuary 5,2023.
  7. ^abc"Wells Fargo unit sale hailed as opportunity".Pensions & Investments.March 5, 2021.RetrievedJanuary 5,2023.
  8. ^abcd"Wells Fargo Asset Management to Get New CEO and New Brand".Institutional Investor.July 26, 2021.RetrievedJanuary 5,2023.
  9. ^abcdefgKIRAKOSIAN, MARGARYTA (November 1, 2021)."Employees take over 20% stake as Allspring Global Investments goes independent".citywire.com.RetrievedJanuary 5,2023.
  10. ^ab"Rebrand for Wells Fargo Asset Management as acquisition completes - The TRADE".www.thetradenews.com.RetrievedJanuary 5,2023.
  11. ^abGraham, Symone (October 20, 2022)."Wells Fargo asset management spinoff Allspring opens Charlotte HQ in Vantage South End".www.bizjournals.com.RetrievedJanuary 5,2023.
  12. ^ab"Here's why Allspring moved HQ to Charlotte | WRAL TechWire".wraltechwire.com.October 20, 2022.RetrievedJanuary 5,2023.
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