On November 1, 2021, private equity firms GTCR and Reverence Capital Partners revealed the completion of their deal to spinoff Wells Fargo Asset Management (WFAM) from Wells Fargo & Company. As planned, WFAM rebranded as Allspring Global Investments. GTCR and Reverence together own a majority stake of Allspring, while employees own a chunk, and Wells Fargo itself retains a passive, 9.9-percent stake. The $2.1-billion deal was first unveiled back in February 2021, and rumors of the spinoff date at least as far back as October 2020.
Wells Fargo is credited with being the first asset manager to offer an index product. The product was offered to institutional investors in 1971.
In 1978 Wells Fargo launched tactical asset allocation separate account products for institutional investors that used modern portfolio theory developed by Harry Markowitz and William Sharpe. It added collective trust versions of the StageCoach asset allocation funds in 1984 and extended the concept to a family of Forty Act registered mutual funds in 1989. The funds are offered under the Stagecoach Funds brand.
Targeting the 401(k) market, Wells Fargo Nikko launched its Lifepath family of target date funds in 1994. These funds are credited as being the first target date mutual funds. (Wells Fargo Nikko later exited the full-service 401(k) business, selling its recordkeeping arm to Merrill Lynch but retaining its asset management relationships with plan sponsors).
Norwest The Wells Fargo Stagecoach Funds are merged with the Norwest Advantage Funds after Norwest Bank purchased Wells Fargo 1998. The Minneapolis-based Norwest adopted the Wells Fargo name and relocated its headquarters to San Francisco.
SIFE Financial Services Fund Wells Fargo acquired SIFE Financial Services Fund in 2002.
Cooke & Bieler Funds Adoption of Philadelphia-based Cooke & Bieler Funds adds large-cap, mid-cap, and tax-managed value funds to the Advantage lineup.
Strong Funds Wells Fargo acquired Strong Funds in 2005 after Strong co-founder Richard "Dick" Strong was accused of market timing in the firm's funds by then New York Attorney General Eliot Spitzer. The Strong Funds were merged into the Wells Fargo Funds.
Wachovia Evergreen Funds Wells Fargo Advantage Funds was merged with Wachovia's Evergreen Funds after the two banks merged in 2009. The combined families will have 128 funds, 49 fewer than the premerge number.
Joe Sullivan Chairman, CEO, Allspring Global Investments
Kate Burke Incoming President, Allspring Global Investments (fka Wells Fargo AM)
Wayne Badorf Head of Intermediary Sales, Asset Management Group, Wells Fargo
Nico Marais Senior Advisor, Allspring Global Investments
John Kenney Head of Strategic Initiatives, Allspring Global Investments (fka Wells Fargo AM)
Karla Rabush President, Wells Fargo Advantage Funds
Randy Henze Head of Institutional and Money Market Channels, Wells Fargo Advantage Funds
Kirk Hartman President, Chief Investment Officer, Wells Capital Management
Andrew Owen Head of Investment Review, Product and Operations Groups, Wells Fargo Advantage Funds
Sarah Henrikson Manager of Retirement and College Planning, Wells Fargo Advantage Funds
David Messman Senior Vice President, Attorney and Chief Legal Officer / Assistant General Counsel, Wells Fargo Funds Management, LLC / Wells Fargo
Erdem Cimen Vice President, Head of Financial Operations, Wells Fargo Funds Management
Amru Khan Executive Vice President, Head of Institutional Sales, Wells Fargo Asset Management
Susan Frodl Senior Vice President, Head of Client Services, Wells
Nancy Wiser Global Head of Fund Operations and Governance, Wells Fargo
Debra Early Sr Rish Consultant, Business Risk Strategies