The asset manager will be renamed Allspring Global Investments and will be led by Joseph A. Sullivan. Vanguard Names a College President to Its Board, Sanders Tweet on Power of Vanguard, BlackRock, State Street Raises Eyebrows, Fidelity's Poaching Complaint Against Former Advisor and UBS Is Dismissed. 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 itsprivate wealth and institutional clients. X=k8'8#*!7gVW=HjZ+yay.EaOQ $_ The materials contained herein are intended for instruction only and are not a substitute for professional advice. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. hbbd```b``}"Hnfcl-0XXd"D2El0[f\! Our new name truly embodies a renewed corporate culture and commitment to continue to invest thoughtfully and partner with our clients to navigate the future.. WFAM 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. Our commitment will be a continued focus on providing exceptional value to clients by elevating our investment platform and operating model, said Joseph A. Sullivan, executive chair and chief executive of Allspring. Life in the SaaS Lane: The Technology Factors and ABL Firms Need to Grow, Allspring Income Opportunities Fund (NYSE American: EAD), Allspring Multi-Sector Income Fund (NYSE American: ERC), Allspring Utilities and High Income Fund (NYSE American: ERH), Allspring Global Dividend Opportunity Fund (NYSE: EOD). Wells Fargo Asset Management Rebrands and Names New CEO, Click here to subscribe to our Daily News Updates, Non-Traded REITs Now on Pace to Raise $30 Billion in 2021 After Record-Breaking June, Guest Contributor:Private Equity Can Fill the Oil & Gas investment Gap, Starwood REIT Closes on $1.8 Billion in Transactions, InvestX Hires Industry Veteran as EVP of Sales and Business Development, Capital Square Breaks Ground on Apartment Hotel in Charleston Opportunity Zone. The name change to Allspring Global Investments is expected to go into effect upon the closing date of the transaction, which is anticipated to occur in the second half of 2021, subject to customary closing conditions. Your article was successfully shared with the contacts you provided. Sullivan served as chairman and CEO of Legg Mason from 2012 until its acquisition by Franklin Templeton in 2020. Upon the closing of the sale transaction, WFAM announced that it will be changing its name to Allspring Global Investments. 1834 0 obj <>stream Overnight on Wall Street is daytime in Asia. Small- and mid-cap securities may be subject to special risks associated with narrower product lines and limited financial resources compared with their large-cap counterparts. Wells Fargo Asset Management has officially changed its name. Wewill be investing significantly in the business to grow strategic areas, including the technology platform, the distribution network, and the firms international footprint., 7RIDGE to acquire US FinTech group Trading Technologies. We recognise that investor expectations in todays world go beyond simply delivering alpha. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. 1382 0 obj <> endobj SOURCE GTCR LLC and Reverence Capital Partners, L.P. Cision Distribution 888-776-0942 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. It is, indeed a Was it in fact a $5.1 BILLION settlement, or $5.1 MILLION? GTCR LLC and Reverence Capital Partners, L.P. today announced that upon closing of their acquisition of Wells Fargo Asset Management (WFAM), the newly independent company will be rebranded as Allspring Global Investments. The new corporate name is expected to go into effect on the closing date of the transaction, which is anticipated to occur in the second half of 2021, subject to customary closing conditions. to the Prospectus and Statement of Additional information (SAI) of the following fund (the Fund): Wells Fargo & Company (Wells Fargo) entered into a definitive sale agreement whereby Wells Fargo Asset Management (WFAM) was sold to a holding company affiliated with private funds of GTCR LLC and of Reverence Capital Partners, L.P and will no longer be an entity of Wells Fargo. Twoleaders of the acquiringfirms, GTCR co-CEO Collin Roche and Reverence co-founder Milton Berlinski, said they planned to invest in the firms technology platform and distribution network with a vision of making it more of a global company. D A closed-end fund is not required to buy its shares back from investors upon request.

K9-J9 1407 0 obj <>/Filter/FlateDecode/ID[<536E818AC6D9F496348ED42742D6BCBB><7DFA9E341036344383BDB98B955D3E11>]/Index[1382 48]/Info 1381 0 R/Length 123/Prev 1210516/Root 1383 0 R/Size 1430/Type/XRef/W[1 3 1]>>stream Well, you should have, JP Morgan and Morgan Stanley results point towards investment banking fall from grace, Deal making slump sees Goldman Sachs profits almost halved, Abide Financial and Corvil combine services for MiFID reporting tool. INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE, Media As of November 1, the asset manager is now calledAllspring Global Invesments, with its previously reported sale to private equity firmGTCR and Reverence Capital Partners now complete. Some of the information contained herein may include forward-looking statements about the expected investment activities of the funds. )H 2*+-@@G5@ qw Visited more than 50,000 times per month by wealth advisors and industry leaders, www.TheDIWire.com is an invaluable resource for anyone interested in the illiquid alternative investment industry. He joined Legg Mason in September 2008 and, after serving as Head of Global Distribution and Chief Administrative Officer, was appointed interim Chief Executive Officer as of October 2012. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. CHICAGO and NEW YORK, July 26, 2021 /PRNewswire/ --GTCR LLC and Reverence Capital Partners, L.P. today announced that upon closing of their acquisition of Wells Fargo Asset Management (WFAM), the newly independent company will be rebranded as Allspring Global Investments. sorry folks - this is what comes from doing a 5 a.m. update while on vacation. The $604 billion asset manager will be rebranded as Allspring Global Investments and will be led by Joseph A. Sullivan, who was named executive chairman of the new company in February when the deal was announced. Sullivan will succeed Nico Marais, WFAMs current CEO, who will retire after the transaction closes but will stay on as a senior advisor to Allspring. Share & Print. July MFI Features: AFP Liquidity Survey, MF Symposium, Worldwide MFs, Mark Your Calendars! The name change to Allspring Global Investments is expected to go into effect upon the closing date of the transaction, which is anticipated to occur in the second half of 2021, subject to customary closing conditions. The transaction closed on November 1, 2021, subject to customary closing conditions. July 26, 2021 at 09:36 AM 2022 Crane Data LLC. The Wells Fargo Global Dividend Opportunity Fund is a closed-end equity and high-yield bond fund. See: Will Wells Fargos Sale of Its Asset Management Unit Boost Its Image? Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA). The new name Allspring Global Investments reflects the newly independent firm's rich history in investment leadership and its commitment to renewal, growth, and meaningful client outcomes. 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.. The new corporate name is expected to go into effect on the closing date of the transaction, which is anticipated to occur in the second half of 2021, subject to customary closing conditions. Creating Stickiness with High-Net-Worth Clients. The National Association of Plan Advisors is a non-profit professional society. Allspring Multi-Sector Income Fund (NYSE American: ERC) Will Wells Fargos Sale of Its Asset Management Unit Boost Its Image? This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kindincluding a recommendation for any specific investment, strategy, or plan. "I am honored and energized to have the opportunity to lead Allspring, as we enter a new era for the firm," said Mr. Sullivan. Can Buffer ETFs Protect Your Client From Sequence of Returns Risk? buy Wells asset management armfor $2.1bn in February, Wells Fargo Asset Management names ex-Legg chief as new CEO, unveils rebrand, Wells Fargo to sell asset management arm for $2bn, Breaking industry news delivered as it happens, Performance analysis based on our global database, Up to the minute reports on key people moves. These statements provide no assurance as to the funds actual investment activities or results. The funds investment objective is to seek a high level of current income consistent with limiting its overall exposure to domestic interest rate risk. Get alerted any time new stories match your search criteria. 1-888-877-9275, Internet Explorer presents a security risk. 1429 0 obj <>stream from 8 AM - 9 PM ET. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Following the closing of the transaction, Wells Fargo Funds Management, LLC, the Fund's Investment Manager, Wells Capital Management Incorporated and Wells Fargo Asset Management (International) Limited, each Sub-advisors to certain Funds, and Wells Fargo Funds Distributor, LLC, the Funds principal underwriter, will each migrate to Allspring." The Board of Trustees of the Wells Fargo Funds approved the closed-end fund name changes to include the name Allspring on July 15, 2021. The Wells Fargo Utilities and High Income Fund is a closed-end equity and high-yield bond fund. Independence provides the organization with a unique opportunity to expand its leadership position in the asset management industry, Berlinski and Roche said in a joint statement. Previously, Sullivan held executive roles at prominent financial firms including Legg Mason Wood Walker, Dain Bosworth and Piper Jaffray. There are numerous risks associated with transactions in options on securities. Markets never sleep, and neither does Bloomberg. Since its inception, GTCR has invested more than $20 billion in over 250 companies. To get in touch with Citywires editorial staff email news@citywireusa.com. The name change, which was approved the board of trustees of the Wells Fargo Funds, is expected to go into effect on Oct. 11. Debt securities are subject to credit risk and interest rate risk, and high-yield securities and unrated securities of similar credit quality have a much greater risk of default and their values tend to be more volatile than higher-rated securities with similar maturities. WFAM 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. On Feb. 23, 2021, GTCR LLC and Reverence Capital Partners, L.P. announced that they had agreed to acquire WFAM from Wells Fargo & Company. Joe Biden Has Covid. endstream endobj startxref Joe is recognized as one of the asset management industry's most respected leaders, and he will be exceptionally valuable as we execute on our growth strategy. A Prospectus Supplement filing for Wells Fargo Money Market Funds says, "At a meeting held July 15, 2021, the Board of Trustees of the Wells Fargo Funds approved a change in the Funds' names to remove 'Wells Fargo' from each Fund's name and replace with 'Allspring'. |\[0Wa/L={v`4Ncg";MG;Cp_weg$A9cM97ELrT/hKk7c[7miO1H(hF Za|o=R5(Z&r|L%L,/_dwv"XVxP8K3 LQD .,HoP@FQU:d,^Cz-)X @{&0m f7zB?N1 "(AIy8=B,q[kfS%@G{vkHh}G3etp8^9Z J,,tiVK2. Search for news, funds, fund managers, sectors and asset classes. In addition, Joseph Sullivan will become chief executive officer and executive chairman, succeeding Nico Marais, who will retire and continue to serve as a senior advisor. jeanette.d.foster@wellsfargo.com, Sarah Kerr, 617-834-5973 All Rights Reserved. These closed-end funds are no longer available in public offerings and are only offered through broker-dealers on the secondary market. The firm was founded in 2013 by Milton Berlinski, Peter Aberg and Alex Chulack, who collectively bring over 90 years of advisory and investing experience across a wide range of financial services sectors. ", annualized 7-day current yield as of 7/21, At a meeting held July 15, 2021, the Board of Trustees of the Wells Fargo Funds approved a change in the Funds' names to remove ', closing date of the transaction, which is anticipated to occur in the second half of 2021, Wells Fargo Funds Management, LLC, the Fund'. Listen to free podcasts to get the info you need to solve business challenges! The DI Wire is the definitive news source for the illiquid alternative investment industry. Shares of a fund may trade at either a premium or discount relative to the funds net asset value, and there can be no assurance that any discount will decrease. Additional details related to the new independent company and its brand identity are to be shared upon closing of the transaction. hb```l'@(@$E'8Aa"dts8Lx`% !C7$~&2fza:b2]fm` ", Milton Berlinski, Co-Founder and Managing Partner of Reverence Capital, noted "Today's leadership and name announcements give us even stronger conviction that the partnership between WFAM, GTCR and Reverence puts us in a powerful position to execute on our strategic vision for Allspring. The name change is expected to go into effect on Oct. 11, the firms said Monday. Following the close of the transaction, product names will also be updated to reflect the Allspring name; therefore, all references to the Fund are hereby changed to CTIVP. We are pleased to have a leader of Joe's stature to take us forward as a newly independent company, and we are very grateful to Nico for his strong continued partnership during this time.". This documentary-style series follows investigative journalists as they uncover the truth, Singapore Home Prices Continue to Climb, But Market May Finally Cool, Japans Inflation Picks Up Speed to Keep Pressure on BOJ, Snap Plunges After Advertiser Slump Crushes Quarterly Sales, Korean Hedge Fund Buys Tech Stocks Betting Worst Over for Market, A 79-Year-Old Tech Pioneer Aims for His Third Startup IPO, Sri Lankan Army Clears Protest Site Before Cabinet Sworn In, Russia Rises Alongside China in Latest Japan Threat Assessment, Worlds Frothiest Housing MarketCools in Global Warning Signal, Ex-Coinbase Manager Arrested in US Crypto Insider-Trading Case, Disney Is in Talks With the BBC to Stream Doctor Who Series, String Quartet Brings Music to Inmates in Mississippi Prison, Struggling to StayCool? See our July 27 News, "Wells Fargo Asset Mgmt. Excellent, commentary. hW{PTU,kh#[mSJ5dZ.XmBifk>G9E6BnFsuai}=~ 0 "In spending time with Nico and the organization over the past few months, I have been incredibly impressed by the depth of investment expertise and quality of our people and leadership. Will We Care About It Now? Todays leadership and name announcements give us even stronger conviction that the partnership between WFAM, GTCR and Reverence puts us in a powerful position to execute on our strategic vision for Allspring, explained Milton Berlinski, co-founder and managing partner of the private investment firm Reverence Capital, in a statement. Reverence and GTCR announced the deal to buy Wells asset management armfor $2.1bn in Februaryand in July appointed as CEO Joseph Sullivan, who previously ran Legg Mason from 2012 to 2020. K[9 D\ naq-*wm6~8.)_k5Zbbixz2g7,_S:}^U. >u For more information, please visit www.gtcr.com. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. About Reverence Capital PartnersReverence 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 Wells Fargo Income Opportunities Fund is a closed-end high-yield bond fund. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of the net asset value and the market price of common shares. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Jeanette Foster, 415-264-1323

%%EOF I am honored and energized to have the opportunity to lead Allspring, as we enter a new era for the firm, Sullivansaid in a statement. With the strong support of our partners, GTCR and Reverence Capital, we are poised to capitalise on the many current opportunities before us and we see tremendous potential to expand our reach into new markets and capabilities.. We are excited about the possibilities of our new name, Allspring Global Investments, and that Joe Sullivan will become Allspring's CEO. Sullivan will succeed Nico Marais, WFAMs current CEO, who will retire upon closing of the transaction and continue to serve Allspring as a senior advisor. WFAM is the trade name used by the asset management businesses of Wells Fargo and includes Wells Fargo Funds Management, LLC, the investment adviser to each of the funds, Wells Capital Management Incorporated, a sub-adviser to each of the funds, and Wells Fargo Asset Management (International) Limited, a sub-adviser to Wells Fargo Multi-Sector Income Fund. ", Collin Roche, Managing Director of GTCR, said, "Today's announcements mark key milestones in the transformation of WFAM into a focused, independent, global asset management firm serving private wealth and institutional clients around the world. European Money Fund Symposium, Paris, Sept. 27-28, Visit our Money Fund Symposium 2022 Download Center, Wells Fargo Asset Mgmt. Earlier this year, US investment bank Wells Fargo agreed to sell its asset management arm to GTCR and Reverence Capital for $2.1 billion, allowing the bank to shift its attention on to its wealth and brokerage businesses. So Is the Generator Powering Your Aircon. The funds investment objective is to seek a high level of current income. Before Legg Mason, he served on the board of Stifel Financial and as executive vice president and head of fixed income capital markets for Stifel Nicolaus from December 2005. The funds secondary objective is long-term growth of capital. As part of the transition, veteran industry executive Joseph A. Sullivan will become Chief Executive Officer, in addition to his previously announced role as Executive Chairman. b;L!F:H59"Bn To Be Renamed Allspring Global Investments (and their release) and see our Feb. 25 News, "Wells Fargo Sells Asset Management Unit; Morgan Stanley Gets Social," and the original press release, "Wells Fargo Enters Agreement with GTCR and Reverence Capital Partners to Sell Wells Fargo Asset Management. For more information, please visit www.reverencecapital.com. The new corporate name is expected to go into effect on the closing date of the transaction, which is anticipated to occur in the second half of 2021, subject to customary closing conditions. Todays announcements mark key milestones in the transformation of WFAM into a focused, independent, global asset management firm serving private wealth and institutional clients around the world, according to Collin Roche, managing director of GTCR, a private equity firm.