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Wells Fargo Spinoff Explores $4B Sale
21 Sep
Summary
- Allspring, formerly part of Wells Fargo, is reportedly up for sale.
- Private equity owners acquired Allspring for $2.1bn in 2021.
- The firm manages $642bn in assets and has over 360 investment professionals.
Allspring, a wealth management firm originally established as part of Wells Fargo, is reportedly being considered for sale by its current private equity owners. GTCR and Reverence Capital, who acquired Allspring in 2021 for $2.1 billion, are exploring a potential sale that could value the company at approximately $4 billion, according to sources. These discussions are in the initial phases, and no definitive decision has been reached.
The firm, which manages $642 billion in assets, employs over 360 investment professionals distributed across 18 international offices. Joseph Sullivan, the executive chair of Allspring, previously led Legg Mason before its acquisition by Franklin Templeton in 2020. Employees collectively hold about 20% of Allspring's shares.
This potential transaction occurs as the asset management industry experiences a wave of consolidation. Recent prominent deals include Nuveen's agreement to acquire Schroders for £9.9 billion, Schroders' sale of its UK financial advice business, and Victory Capital's acquisition of First Eagle. Victory Capital had also previously pursued Janus Henderson, which was ultimately acquired by Trian Fund Management and General Catalyst.
