Wells Fargo Asset Management (WFAM) has been rebranded as Allspring Global Investments following its acquisition by GTCR and Reverence Capital Partners.
As part of the transition, industry veteran Joseph Sullivan has been named CEO of the Allspring, in addition to his previously announced role as executive chairman.
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By GlobalDataSullivan will replace current WFAM CEO Nico Marais, who is set to exit upon closing of the transaction.
Marais will continue to serve Allspring as a senior advisor.
Commenting on the development, Sullivan said: “I am honoured and energised to have the opportunity to lead Allspring, as we enter a new era for the firm.
“In spending time with Nico and the organization over the past few months, I have been incredibly impressed by the depth of investment expertise and quality of our people and leadership.
“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.”
Sullivan, who has over 40 years of experience in the industry, was chairman and CEO of Legg Mason from 2012 until its acquisition by Franklin Templeton last year.
Prior to that, he served on the board of directors of Stifel Financial and as executive vice-president and head of fixed income capital markets for Stifel Nicolaus.
Early in his career, Sullivan worked at several prominent financial firms including Legg Mason Wood Walker, Dain Bosworth, and Piper Jaffray.
Acquisition
GTCR and Reverence Capital Partners agreed to acquire WFAM from Wells Fargo & Company in February this year.
WFAM, which has 24 offices globally, oversees $604bn in assets and employs more than 480 investment professionals.
The new branding is expected to come into effect upon the closing date of the deal.
GTCR managing director Collin Roche said: “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.”
Reverence Capital co-founder and managing partner Milton Berlinski added: “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.
“We are pleased to have a leader of Joe’s stature to take us forward as a newly independent company, and we are very grateful to Nico for his strong continued partnership during this time.”
