Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:PE Completes a $587B-AUM Spinoff Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 1, 2021

PE Completes a $587B-AUM Spinoff

Reported by Neil Anderson, Managing Editor

A publicly traded, money center bank has finished spinning off its $587-billion-AUM (as of September 30) asset management arm.

Joseph A. "Joe" Sullivan
Allspring Global Investments
Chairman & CEO
This afternoon, Collin Roche, co-CEO and managing director of GTCR LLC, and Milton Berlinski, co-founder and managing partner of Reverence Capital Partners, L.P., confirm that they have completed their planned acquisition of Wells Fargo Asset Management (WFAM) from Wells Fargo & Company). The $2.1-billion deal, which was unveiled back in February, transforms Charlotte, North Carolina-based WFAM into Allspring Global Investments [profile.

As expected, Joe Sullivan has taken over as chairman and CEO of Allspring, succeeding Nico Marais, who has retired and now serves as a senior advisor to the freshly independent asset manager. All told, Allspring has more than 1,400 employees (including more than 480 investment professionals) around the world.

In terms of ownership, GTCR and Reverence together hold a majority of Allspring's stock. The Allspring team also holds a sizable stake, while Wells Fargo retains a passive, 9.9-percent stake.

Allspring's PE backers hint at where the firm will be expanding next.

"We have great confidence in Joe Sullivan and the entire leadership team as they differentiate Allspring in the marketplace by ensuring that the firm is an essential partner to its private wealth and institutional clients," Berlinski and Roche state. "We will be investing significantly in the business to grow strategic areas, including the technology platform, the distribution network, and the firm's international footprint." 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use