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Allspring Global Investments
Allspring Global Investments launched in November 2021 when GTCR and Reverence Capital Partners acquired Wells Fargo Asset Management and rebranded it,...
Allspring Global Investments
Allspring Global Investments launched in November 2021 when GTCR and Reverence Capital Partners acquired Wells Fargo Asset Management and rebranded it, installing Joe Sullivan as CEO and Chair. Sullivan, the former CEO of Legg Mason, returned to the institutional asset management arena with a firm that carried forward decades of investment heritage and a footprint spanning public and private retirement plans, sovereign funds, and insurance general accounts. The firm's London presence, established under its Wells Fargo predecessor, remains a hub for its international distribution and portfolio management operations. The firm manages strategies across fundamental and systematic equities, taxable and municipal fixed income, and multi-asset solutions, targeting both institutional and intermediary clients globally. Allspring is known for deploying capital through active, index, and factor-based vehicles, with capabilities ranging from large-cap US value equity to emerging-market debt and liability-driven investing. Its portfolio management teams operate from hubs in Charlotte, London and San Francisco, serving clients in North America, Europe, the Middle East and Asia-Pacific. Since its independence, Allspring has focused on consolidating its platform after the separation from Wells Fargo, with Sullivan driving a buildout of distribution and investment talent. In the first year post-spinout, the firm reported approximately $471 billion in assets under advisement (per Pensions & Investments, 2022). The firm has since moved to establish its charitable giving program and has deepened its commitment to ESG integration across its product suite, consistent with the trajectory of large, diversified asset managers navigating institutional demand for sustainable strategies. Structurally, Allspring is distinct in the asset management landscape as a large-scale, multi-asset spinout — a rarity in an industry where breakaways more commonly occur among hedge funds or boutique equity managers. Backed by private equity sponsors GTCR and Reverence Capital, the firm operates with a mandate to scale through organic growth and potential acquisitions, while maintaining the fiduciary infrastructure of a mature institutional manager.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Additional offices
Charlotte, NC · San Francisco, CA
Principals
Joe Sullivan
Chief Executive Officer
Frequently asked questions
When and why did Allspring Global Investments separate from Wells Fargo?
Allspring Global Investments was formed in November 2021 when private equity firms GTCR and Reverence Capital Partners acquired Wells Fargo Asset Management (WFAM) from Wells Fargo & Company. The transaction was part of Wells Fargo's strategic decision to focus on its core banking and wealth management operations. The new entity was branded Allspring, drawing on the legacy of the spring in the Wells Fargo stagecoach logo, and the firm became an independent asset manager with substantial institutional scale from day one.
Who runs investment decisions at Allspring Global Investments?
Joe Sullivan serves as CEO and Chair, a role he has held since the spinout's completion in 2021. He oversees the executive leadership team but is not directly managing individual investment strategies. Allspring operates dedicated investment teams with their own chief investment officers and portfolio managers responsible for decisions within equities, fixed income, and multi-asset classes. Sullivan's prior role as CEO of Legg Mason until its 2020 sale to Franklin Templeton gives him deep experience leading a multi-affiliate investment structure.
Is Allspring Global Investments structured as a family office or does it operate as a traditional asset manager?
Allspring operates as a traditional, institutional asset manager serving third-party clients. It is not a family office nor does it manage family wealth. Its clients include pension funds, sovereign wealth funds, insurers, financial intermediaries, and corporate retirement plans. The firm is owned by private equity sponsors GTCR and Reverence Capital Partners, with management also holding an equity stake in the firm.
What is Allspring's known posture on ESG and sustainable investing?
Allspring has publicly committed to integrating environmental, social and governance factors across its investment platform, a stance that has deepened since the firm's independence from Wells Fargo. The firm publishes stewardship reports and participates in industry initiatives like CDP and the Principles for Responsible Investment (PRI). It offers specific sustainable investment strategies alongside its core active and passive mandates, reflecting broad institutional demand for ESG-aligned portfolios.
Does Allspring maintain philanthropic structures, and how are they separated?
Since its separation, Allspring has established a charitable giving program and a corporate philanthropic arm, albeit at a smaller scale than legacy financial institutions. The firm does not maintain the principal philanthropic foundations of its predecessor — the Wells Fargo Foundation remains separate and is not affiliated with Allspring. Allspring's charitable activities are focused on grantmaking to community organizations in its primary office locations.
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