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).

Distribution in Australia: Allspring Global Investments, LLC is exempt from the requirements to hold an Australian financial services license in respect of the financial services it provides to wholesale clients in Australia. Allspring Global Investments, I is regulated under US laws, which differ from Australian laws. Any offer or documentation provided to Australian recipients by Allspring Global Investments, in the course of providing financial services will be prepared in accordance with the laws of the United States and not Australian laws.

Distribution in New Zealand: This material and the information contained in or accompanying this material are not, and are under no circumstances to be construed as, an offer of financial products for issue requiring disclosure to an investor under Part 3 of the Financial Markets Conduct Act 2013 (N.Z.) (the "Financial Markets Conduct Act (N.Z.)"). This material and the information contained in or accompanying this material have not been registered, filed with or approved by any New Zealand regulatory authority or under or in accordance with the Financial Markets Conduct Act (N.Z.). This material and the information contained in or accompanying this material is not a disclosure document under New Zealand law and do not contain all the information that a disclosure document is required to contain under New Zealand law. Any offer or sale of any interests described in these materials in New Zealand will be made only: (a) to a person who is an "investment business" within the meaning of clause 37 of Schedule 1 of the Financial Markets Conduct Act (N.Z.); or (b) to a person who meets the investment activity criteria specified in clause 38 of Schedule 1 of the Financial Markets Conduct Act (N.Z.); or (c) to a person who is "large" within the meaning of clause 39 of Schedule 1 of the Financial Markets Conduct Act (N.Z.); or (d) to a person who is a "government agency" within the meaning of clause 40 of Schedule 1 of the Financial Markets Conduct Act (N.Z.); (e) to a person who is an "eligible investor" within the meaning of clause 41 of Schedule 1 of the Financial Markets Conduct Act (N.Z); or (f) in other circumstances where there is no contravention of the Financial Markets Conduct Act (N.Z.) (or any statutory modification or re-enactment of, or statutory substitution for, the Financial Markets Conduct Act (N.Z.)). In subscribing for interests each investor represents and agrees that it is not acquiring those interests with a view to dealing with them (or any of them) other than where an exclusion under Part 1 of Schedule 1 of the Financial Markets Conduct Act (N.Z.) applies to such dealing and, accordingly: (a) it has not offered or sold, and will not offer or sell, directly or indirectly, any interests; and (b) it has not distributed and will not distribute, directly or indirectly, any offering materials or advertisement in relation to any offer of interests, in each case in New Zealand within 12 months after the issue of interests to that investor other than to persons who meet the criteria set out in (a) to (d) above.

Distribution in Hong Kong: this document is distributed in Hong Kong by Wells Fargo Securities Asia Limited (WFSAL), a Hong Kong–incorporated company licensed and regulated by the Securities and Futures Commission to carry on types 1, 4, 6 and 9 regulated activities, as defined in the Securities and Futures Ordinance (Cap. 571 The Laws of Hong Kong, the SFO). This document is not intended for, and should not be relied on by, any person other than professional investors (as defined in the SFO). Any securities and related financial instruments described herein are not intended for sale, nor will be sold, to any person other than professional investors. The author or authors of this document may or may not be licensed by the Securities and Futures Commission. professional investors who receive this presentation should direct any queries regarding its contents to Ignatius Choong at WFSAL (email: [email protected]).

Distribution in South Korea: this document is distributed in the Republic of Korea by Allspring Global Investments, LLC, which is registered with the Financial Services Commission pursuant to the Financial Investment Services and Capital Markets Act (the Act) to conduct investment advisory and discretionary investment business with qualified professional investors (as defined in the Act). This document is not intended for, and should not be relied on by, any person other than qualified professional investors.

Distribution in Japan: This material and the information contained herein does not constitute and is not intended to constitute investment advice or an offer of securities and accordingly should not be construed as such. Any products or services referenced in this material may not be licensed or registered in all jurisdictions, and, unless otherwise indicated, no regulator or government authority has reviewed this material or the merits of the products and services referenced herein. This material and the information contained herein have been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This material is directed at and intended for "professional" or "institutional" investors (as such term is defined under the laws of each applicable jurisdiction). This material is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Allspring does not provide tax, legal or accounting advice, and this material does not take an investor's personal investment objectives or financial situation into account. Before acting on any information in this material, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This material is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof).

Distribution in Singapore: The document is distributed in Singapore by Wells Fargo Bank N.A., Singapore Branch (WFBNA SG), a bank licensed under the Banking Act and exempt from the requirement to hold a capital markets services license to carry on business in the regulated activities of "dealing in capital markets products that are securities and units in a collective investment scheme" and "fund management" as defined in the Securities and Futures Act (SFA).

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. 

Distribution in Latin America: Allspring Global Investments Holdings, LLC conducts business globally. All products and services may not be available in all countries. Each situation needs to be evaluated individually and is subject to local regulatory requirements. Allspring does not have offices outside of the US that provide services to retail or small business customers. For assistance with your accounts when travelling internationally, refer to our international access codes for phone numbers, or visit our travel resource centre.

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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