Allspring Global Investments Commences Operations As An Independent Global Asset Manager

CHARLOTTE, N.C., Nov. 1, 2021 /PRNewswire/ -- Allspring Global Investments™ today announced that the firm has officially commenced operations as an independent asset management firm. This marks the close of the previously announced acquisition of Wells Fargo Asset Management by GTCR LLC and Reverence Capital Partners, L.P.* The firm's new name, Allspring Global Investments (Allspring), takes effect today.

Allspring Global Investments is a leading, pure play, independent asset manager with more than $587 billion** in assets under management and a full breadth of investment capabilities across diverse asset classes, serving the needs of its institutional and wealth management clients around the world. Allspring operates across 18 offices globally and plans to locate its headquarters in Charlotte, North Carolina.

Joseph A. Sullivan, Executive Chair and Chief Executive Officer of Allspring, said, "We recognize that investor expectations in today's world go beyond simply delivering alpha. Our commitment will be a continued focus on providing exceptional value to clients by elevating our investment platform and operating model. With the strong support of our partners, GTCR and Reverence Capital, we are poised to capitalize on the many current opportunities before us and we see tremendous potential to expand our reach into new markets and capabilities."

Collin Roche, Co-CEO and Managing Director of GTCR, and Milton Berlinski, Co-Founder and Managing Partner of Reverence Capital, jointly commented, "This is a historic day for Allspring. Independence provides the organization with a unique opportunity to expand its leadership position in the asset management industry. We have great confidence in Joe Sullivan and the entire leadership team as they differentiate Allspring in the marketplace by ensuring that the firm is an essential partner to its private wealth and institutional clients. We will be investing significantly in the business to grow strategic areas, including the technology platform, the distribution network, and the firm's international footprint."

"Today, we especially want to celebrate the more than 1,400 incredibly talented people of Allspring. They are core to our collaborative culture, and Allspring's independence will be a catalyst to provide exceptional growth opportunities as we chart our path forward," added Mr. Sullivan. "The entire organization is energized and confident about Allspring's future, and our teams are ready to deliver even more for our clients."

In addition to GTCR and Reverence Capital's majority ownership, Allspring's management, portfolio managers, and employees now hold a significant share of the company's equity interests, while Wells Fargo & Co. will own a passive 9.9% equity interest and continue to serve as an important client and distribution partner to Allspring.

Broadhaven Capital Partners and UBS Investment Bank served as financial advisors to the buyers relative to the transaction, with additional financial advice rendered by RBC Capital Markets and Perella Weinberg Partners. Kirkland & Ellis LLP provided legal counsel.

To learn more about Allspring and its elevated vision for investing, click here.

About Allspring Global Investments 
Allspring Global Investments is a leading independent asset management firm with $587 billion** in assets under management, 18 offices globally, and specialized investment teams supported by more than 480 investment professionals around the world. Allspring and its investment teams provide a broad range of differentiated investment products and solutions to help its diverse range of clients meet their investment objectives. For more information, please visit www.allspringglobal.com.

About GTCR 
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Healthcare, Financial Services & Technology, Technology, Media & Telecommunications, and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire, and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $20 billion in over 250 companies. For more information, please visit www.gtcr.com.

About Reverence Capital Partners 
Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market Financial Services businesses through control and influence oriented investments in 5 sectors: (1) Depositories and Finance Companies, (2) Asset and Wealth Management, (3) Insurance, (4) Capital Markets, and (5) Financial Technology/Payments. The firm was founded in 2013 by Milton Berlinski, Peter Aberg, and Alex Chulack, who collectively bring over 90 years of advisory and investing experience across a wide range of financial services sectors. For more information, please visit www.reverencecapital.com.

*Wells Fargo's collective investment trust business is being transferred from Wells Fargo in connection with the transaction, subject to customary closing conditions, and is expected to close at the beginning of the second quarter of 2022.

**As of September 30, 2021, AUM includes $93 billion from Galliard Capital Management, an investment advisor that is not part of the Allspring trade name/GIPS firm.

Allspring Global Investments™ is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. Unless otherwise stated, Allspring is the source of all data (which is current, or as of the date stated); content is provided for informational purposes only with no representation regarding its adequacy, accuracy, or completeness and should not be relied upon; views, opinions, assumptions, or estimates are not necessarily that of Allspring Global Investments Holdings, LLC, Allspring, or their affiliates and are subject to change without notice; and this communication does not contain investment advice, an investment recommendation, or investment research, as defined under local regulation of the respective jurisdiction.

Distribution in the United States: Allspring Global Investments is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These companies include but are not limited to Allspring Global Investments, LLC and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a limited purpose broker-dealer and Member FINRA/SIPC).

Distribution in the United Kingdom (UK), European Economic Area (EEA) and Switzerland: Allspring Global Investments (Allspring) is the trade name for certain investment management firms owned by Allspring Global Investments Holdings, LLC, including, but not limited to, Allspring Global Investments (UK) Limited (Allspring UK), an investment management company authorized and regulated by the UK Financial Conduct Authority (FCA), and Allspring Global Investments Luxembourg S.A. (Allspring Luxembourg), authorized and regulated by the Commission de Surveillance du Secteur Financier (CSSF). Allspring Luxembourg has branches in Frankfurt and Paris and is allowed to provide services on a crossborder basis in the EEA. This material has been approved for distribution in the UK by Allspring UK, for the purposes of Section 21 of the Financial Services and Markets Act 2000 (FSMA). Allspring UK does not provide services to retail clients, the FSMA rules for retail clients will not apply and the United Kingdom Financial Services Compensation Scheme is not available. Unless otherwise stated, information does not contain investment advice, an investment recommendation or investment research as defined under UK FCA regulations or the Markets in Financial Instruments Directive (Directive 2014/65/EU (MiFID II) and therefore does not comply with the requirements for the provision of such services. For professional investors only. Recipients who do not wish to be treated as professional should notify their Allspring contact immediately.

Distribution in the United Arab Emirates (excluding Dubai International Financial Centre and Abu Dhabi Global Market): Allspring Global Investments (Allspring) is the trade name for certain investment management firms owned by Allspring Global Investments Holdings, LLC, including, but not limited to Allspring Global Investments (UK) Limited (Allspring UK), an investment management company authorized and regulated by the UK Financial Conduct Authority (FCA), Allspring Global Investments Luxembourg S.A. (Allspring Luxembourg), authorized and regulated by the Commission de Surveillance du Secteur Financier (CSSF), and Allspring Global Investments, LLC. This material is intended for professional clients (defined by DFSA). This material, and the information contained herein, does not (intend to) constitute a public offer in the United Arab Emirates (UAE) and should not be construed as such. It is offered to a limited number of exempt investors in the UAE who fall under one of the following categories of non-natural qualified investors: 1. an investor that is able to manage its investments on its own, namely the federal government, local governments, government entities and authorities or companies wholly owned by any such entities; international entities and organisations; or a person licensed to carry out a commercial activity in the UAE, provided that investment is one of the objects of such person, or 2. an investor who is represented by an investment manager licensed by the Securities and Commodities Authority (SCA), each a non-natural qualified investor. The materials have not been approved by or licensed or registered with the UAE Central Bank, the SCA, the DFSA, the Financial Services Regulatory Authority or any other relevant licensing authorities or governmental agencies in the UAE (the "Authorities"). The Authorities assume no liability for any investment that the named addressee makes as a non-natural qualified investor).

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Distribution in Canada: Allspring Global Investments, LLC, representing the Allspring brand in Canada, is exempt from the registration requirements for the conduct of certain financial services activities in selected (permitted) jurisdictions in Canada and all such activities are otherwise subject to applicable Canadian securities laws. The foregoing materials are not an offer or commitment for any products or transactions. Our willingness to enter into any transaction is subject to final credit approval; agreement on transaction terms; and compliance to our satisfaction with all applicable legal and regulatory requirements, including onboarding and relationship documentation. Transactions will only be entered into with qualified parties in permitted jurisdictions. All transactions described in the materials are arm's length transactions to be negotiated by each party acting in its own best interests. Terms, rates, prices and structures in the materials are indicative only and should not be relied upon as the terms, rates, prices or structures on which we or anyone else would be willing to enter into, terminate or transfer a transaction with you or relied upon for any other purpose. Actual rates and prices may be higher or lower depending on market conditions at the time of execution. The price and other terms of any transaction will be individually negotiated, and there is no assurance that they will represent the best price or terms available to you from us or other sources. Any historical information provided in the materials is for information only, and past performance may not be relied upon as a guarantee of future results. Examples in the materials are hypothetical only and are not a prediction of future results. There are frequently sharp differences between projections or forecasts and the actual results achieved. You should conduct a thorough and independent evaluation of the financial, tax, accounting, legal and regulatory characteristics, consequences, costs and risks of any transaction in light of your particular circumstances and requirements, based upon the advice of your own professional advisors. Neither we nor any of our affiliates will be providing any such advice in connection with any such transaction, and neither we nor they will be acting as your agent, broker, advisor or fiduciary in connection with any such transaction under Canadian securities laws or otherwise, whether or not we or they may otherwise be engaged to act in such capacity in connection with other products or services. 

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Past performance is not a guarantee or reliable indicator of future results. Any past performance, forecast, projection, simulation or target is indicative and not guaranteed. All investments contain risk. The value, price or income of investments or financial instruments can fall as well as rise. You may not get back the amount originally invested. The fund may not achieve its objective and/or you could lose money on your investment in the fund. 

Unless otherwise stated, Allspring is the source of all data (which is current or as of the date stated); content is provided for informational purposes only with no representation regarding its adequacy, accuracy or completeness; views, opinions, assumptions or estimates are not necessarily that of Allspring Global Investments, LLC, Allspring or their affiliates and are subject to change without notice; and this communication does not contain investment advice, an investment recommendation or investment research, as defined under local regulation of respective jurisdiction.

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