The business formerly known as Wells Fargo Asset Management has started operating under its new moniker of Allspring Global Investments.
The move follows the closing of the previously announced purchase of WMAM by GTCR LLC and Reverence Capital Partners, LP.
Allspring Global Investments oversees more than $587 billion in assets under management and operates from 18 offices worldwide. It intends to locate its headquarters in Charlotte, North Carolina.
“With the strong support of our partners, GTCR and Reverence Capital, we are poised to capitalize on the many current opportunities before us and we see tremendous potential to expand our reach into new markets and capabilities,”Joseph A Sullivan, executive chair and chief executive of Allspring, said.
Under the terms of the acquisition, GTCR and Reverence Capital are majority owners. Allspring’s management, portfolio managers, and employees now hold a chunk of the company’s equity interests, while Wells Fargo owns a passive 9.9 per cent equity interest and continues 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.
