Allspring Global Investments
| Company type | Private |
|---|---|
| Industry | Asset management |
| Predecessor | Wells Fargo Asset Management |
| Founded | 1995 |
| Founder | Wells Fargo (as Wells Fargo Asset Management) |
| Headquarters | Charlotte , United States |
Area served | International |
Key people | Joseph Sullivan (CEO and Executive Chairman) |
| Products | Asset management services |
| Owner | GTCR, Reverence Capital Partners, Wells Fargo (9.9%) |
Allspring Global Investments (referred to as Allspring) is an international asset management company with its main office located in Charlotte, North Carolina. Previously, it operated as the asset management division of Wells Fargo until its separation in November 2021, when it became an autonomous organization.
History
The firm began as Wells Fargo Asset Management (WFAM), founded in 1995 as the investment management branch of Wells Fargo.[1]
In October 2020, Wells Fargo explored divesting WFAM to concentrate on its principal operations and enhance financial results following the Wells Fargo cross-selling scandal. At that stage, WFAM oversaw $607 billion in assets and produced $1 billion in yearly revenue. The sale encompassed subsidiaries such as Analytic Investors, Galliard Capital Management, and Golden Capital Management.[2][3]
On February 23, 2021, Wells Fargo reached an agreement to sell WFAM to private equity firms GTCR and Reverence Capital Partners for $2.1 billion. Wells Fargo maintained a 9.9% ownership interest and continued as a client and distribution collaborator. More than 20% of the company’s equity was allocated to employees. Nico Marais remained CEO initially, while Joseph Sullivan, ex-CEO of Legg Mason, joined as executive chairman. This spin-off was anticipated to allow WFAM to function more efficiently outside the regulatory framework applicable to banks.[1][4][5][6][7][8]
The deal was finalized on November 1, 2021, at which point WFAM rebranded itself as Allspring Global Investments and began operating independently. Marais stepped down as CEO and was replaced by Sullivan.[1][7][9]
In October 2022, Allspring shifted its headquarters from San Francisco to Charlotte, highlighting the city’s favorable business climate and its prominence as a major financial centre on the eastern U.S. coast.[10][11]
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