Allspring begins independent operations following Wells Fargo asset management sale

Allspring Global Investments began independent operations after GTCR and Reverence Capital Partners completed their acquisition of Wells Fargo Asset Management. Wells Fargo retained a passive 9.9% stake at the time. The release separately said the collective investment trust business transfer was expected in the second quarter of 2022. Allspring’s client assets are not current Wells Fargo group AUM.