Allspring Global Investments has officially commenced operations as an independent asset management firm, as a US-based manager with US$587 billion assets under management (AUM).
This marks the close of the acquisition of Wells Fargo Asset Management by GTCR and Reverence Capital Partners.
Allspring Global Investments is positioned as a pure play asset manager with a breadth of investment capabilities across asset classes, supporting institutional and wealth management clients.
Allspring operates across 18 offices globally and plans to locate its headquarters in Charlotte, North Carolina.
Joseph Sullivan, executive chair and CEO of Allspring, said, “We recognise that investor expectations in today’s world go beyond simply delivering alpha. Our commitment will be a continued focus on providing exceptional value to clients by elevating our investment platform and operating model. With the strong support of our partners, GTCR and Reverence Capital, we are poised to capitalise on the many current opportunities before us and we see tremendous potential to expand our reach into new markets and capabilities.”
Sullivan and the leadership team have been tasked by the owners with ensuring that the firm grows in strategic areas, including its technology platform, the distribution network, and its international footprint.
In addition to GTCR and Reverence Capital’s majority ownership, Allspring’s management, portfolio managers, and employees now hold a significant share of the company’s equity interests, while Wells Fargo & Co. will own a passive 9.9% equity interest and continue to serve as an important client and distribution partner to Allspring.