The deal to acquire WFAM - which will be renamed as Allspring Global Investments - is slated to go ahead shortly, subject to regulatory sign-offs.

GTCR LLC and Reverence Capital Partners, LP, who agreed to acquire Wells Fargo Asset Management earlier this year, have named Chris Baker as chief compliance officer of the firm that is now called Allspring Global Investments.

Baker, working in the compliance field for 22 years, will join Allspring in January next year, moving from State Street Global Advisors where he has served in the same role. Baker will report to Kate McKinley, Allspring’s incoming chief legal officer, as well as to the Allspring funds board of trustees. 

At SSGA, Baker managed a compliance program that supported company functions, including sales, product, broker-dealer and investments. 

On February 23, GTCR and Reverence Capital Partners announced that they had agreed to buy the asset management group from Wells Fargo. The name change to Allspring Global Investments will take effect when the transaction is complete. The deal is subject to customary closing conditions. WFAM has $587 billion in assets under management.