GTCR LLC and Reverence Capital Partners, L.P. today announced that upon closing of their acquisition of Wells Fargo Asset Management (WFAM), the newly independent company will be rebranded as Allspring Global Investments.
As part of the transition, veteran industry executive Joseph A. Sullivan will become Chief Executive Officer, in addition to his previously announced role as Executive Chairman. Sullivan will succeed Nico Marais, WFAM’s current CEO, who will retire upon closing of the transaction and continue to serve Allspring as a senior advisor.
Sullivan comes to Allspring with more than 40 years of industry experience, previously serving as Chairman and Chief Executive Officer of Legg Mason, Inc. from 2012 until its acquisition by Franklin Templeton in 2020. He joined Legg Mason in September 2008 and, after serving as Head of Global Distribution and Chief Administrative Officer, was appointed interim Chief Executive Officer as of October 2012. Before joining Legg Mason, 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 from December 2005. Previously, Sullivan held executive roles at prominent financial firms including Legg Mason Wood Walker, Dain Bosworth and Piper Jaffray.
On Feb. 23, 2021, GTCR LLC and Reverence Capital Partners, L.P. announced that they had agreed to acquire WFAM from Wells Fargo & Company. The name change to Allspring Global Investments is expected to go into effect upon the closing date of the transaction, which is anticipated to occur in the second half of 2021, subject to customary closing conditions. Additional details related to the new independent company and its brand identity are to be shared upon closing of the transaction.
