GTCR and Reverence acquisition of Wells Fargo Asset Management

GTCR and Reverence Capital Partners agreed to acquire Wells Fargo Asset Management for USD 2.1 billion. The business began operating independently as Allspring Global Investments on November 1, 2021, with Wells Fargo retaining a passive 9.9% interest at that time. The original transaction scope included the collective investment trust business, whose transfer was separately expected in the second quarter of 2022. Wells Fargo Securities advised Wells Fargo. The amount records the announced acquisition price.