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Wells Fargo Asset Management to Change Name, CEO

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What You Need to Know

  • The asset manager will be renamed Allspring Global Investments and will be led by Joseph A. Sullivan.
  • The changes are part of GTCR and Reverence Capital Partners' $2.1 billion purchase of the business, set to close later this year.

Wells Fargo Asset Management is set to get a new name and CEO later this year, after GTCR LLC and Reverence Capital Partners close their planned $2.1 billion acquisition of the firm.

The $604 billion asset manager will be rebranded as Allspring Global Investments and will be led by Joseph A. Sullivan, who was named executive chairman of the new company in February when the deal was announced.

Sullivan will succeed Nico Marais, WFAM’s current CEO, who will retire after the transaction closes but will stay on as a senior advisor to Allspring. Sullivan served as chairman and CEO of Legg Mason from 2012 until its acquisition by Franklin Templeton in 2020.

“I am honored and energized to have the opportunity to lead Allspring, as we enter a new era for the firm,” Sullivan said in a statement. “Our new name truly embodies a renewed corporate culture and commitment to continue to invest thoughtfully and partner with our clients to navigate the future.”

Also, as part of the firm’s rebranding, four WFAM closed-end funds will change their names from Wells Fargo to Allspring. The name change is expected to go into effect on Oct. 11, the firms said Monday.

“Today’s announcements mark key milestones in the transformation of WFAM into a focused, independent, global asset management firm serving private wealth and institutional clients around the world,” according to Collin Roche, managing director of GTCR, a private equity firm.

WFAM currently employs more than 480 investment professionals.

“Today’s leadership and name announcements give us even stronger conviction that the partnership between WFAM, GTCR and Reverence puts us in a powerful position to execute on our strategic vision for Allspring,” explained Milton Berlinski, co-founder and managing partner of the private investment firm Reverence Capital, in a statement.

See: Will Wells Fargo’s Sale of  Its Asset Management Unit Boost Its Image?