Allspring Global Investments

Last updated
Allspring Global Investments, LLC
FormerlyWells Fargo Asset Management
Type Private
Industry Investment Management
Founded1995;28 years ago (1995)
Headquarters
Charlotte, North Carolina, U.S.
Key people
Joseph Sullivan (Chairman and CEO)
AUM US$465 billion (December 31, 2022)
Owners GTCR
Reverence Capital Partners
Wells Fargo
Number of employees
1300 (2022)
Website www.allspringglobal.com
Footnotes /references
[1]

Allspring Global Investments (Allspring) is a global asset management firm headquartered in Charlotte, North Carolina. It was previously the asset management unit of Wells Fargo until November 2021 when it commenced operations as an independent firm.

Contents

History

Allspring Global Investments was originally the asset management unit of Wells Fargo known 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 the Wells Fargo cross-selling scandal. [3] [4] At the time, WFAM had $607 billion in assets under management as 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 to private equity firms GTCR and 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 of Legg Mason would 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 from San Francisco to Charlotte. [2] [9] [11] [12] According to its own statement, Charlotte was selected for its business friendly environment and was also considered an important financial centre on the east coast. [11] [12]

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References

  1. ↑ "Form ADV" (PDF). SEC. Retrieved 5 January 2023.
  2. 1 2 3 4 5 6 7 Lang, Hannah (November 2, 2021). "Wells Fargo's spinoff of asset management business gives Charlotte a new corporate HQ".
  3. 1 2 "EXCLUSIVE-Wells Fargo explores sale of asset management business-sources". Reuters. 2020-10-23. Retrieved 2023-01-05.
  4. 1 2 3 Beltran, Luisa. "Wells Fargo Is Weighing a Sale of Its Asset Management Business. Bids Are Said to Be Due Next Week". www.barrons.com. Retrieved 2023-01-05.
  5. 1 2 3 4 "Wells Fargo sells asset management arm to private equity firms for $2.1 billion". Reuters. 2021-02-23. Retrieved 2023-01-05.
  6. 1 2 3 4 "Here's What the Wells Fargo Asset Management Deal Means". Institutional Investor. 23 February 2021. Retrieved 2023-01-05.
  7. 1 2 3 "Wells Fargo unit sale hailed as opportunity". Pensions & Investments. 2021-03-05. Retrieved 2023-01-05.
  8. 1 2 3 4 "Wells Fargo Asset Management to Get New CEO and New Brand". Institutional Investor. 26 July 2021. Retrieved 2023-01-05.
  9. 1 2 3 4 5 6 7 KIRAKOSIAN, MARGARYTA (1 November 2021). "Employees take over 20% stake as Allspring Global Investments goes independent". citywire.com. Retrieved 2023-01-05.
  10. 1 2 "Rebrand for Wells Fargo Asset Management as acquisition completes - The TRADE". www.thetradenews.com. Retrieved 2023-01-05.
  11. 1 2 Graham, Symone (October 20, 2022). "Wells Fargo asset management spinoff Allspring opens Charlotte HQ in Vantage South End". www.bizjournals.com. Retrieved 2023-01-05.
  12. 1 2 "Here's why Allspring moved HQ to Charlotte | WRAL TechWire". wraltechwire.com. 2022-10-20. Retrieved 2023-01-05.
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