Allspring Global Investments has officially commenced operations as an independent asset management firm. This marks the close of the previously announced acquisition of Wells Fargo Asset Management by GTCR LLC and Reverence Capital Partners.
Allspring Global Investments is a pure play, independent asset manager with more than USD587 billion in assets under management and a full breadth of investment capabilities across diverse asset classes, serving the needs of its institutional and wealth management clients around the world. Allspring operates across 18 offices globally and plans to locate its headquarters in Charlotte, North Carolina.
Joseph A Sullivan, Executive Chair and Chief Executive Officer of Allspring, says: “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.”
Collin Roche, Co-CEO and Managing Director of GTCR, and Milton Berlinski, Co-Founder and Managing Partner of Reverence Capital, say: “This is a historic day for Allspring. Independence provides the organisation with a unique opportunity to expand its leadership position in the asset management industry. 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.”
“Today, we especially want to celebrate the more than 1,400 incredibly talented people of Allspring. They are core to our collaborative culture, and Allspring’s independence will be a catalyst to provide exceptional growth opportunities as we chart our path forward,” adds Sullivan. “The entire organisation is energised and confident about Allspring’s future, and our teams are ready to deliver even more for our clients.”
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 per cent equity interest and continue to serve as an important client and distribution partner to Allspring.
Broadhaven Capital Partners and UBS Investment Bank served as financial advisors to the buyers relative to the transaction, with additional financial advice rendered by RBC Capital Markets and Perella Weinberg Partners. Kirkland & Ellis LLP provided legal counsel.
