Allspring Global Investments

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.

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.

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.

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.

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.