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.”