Allspring Global Investments, the asset manager once part of Wells Fargo, is being prepared for a potential sale by its private equity owners GTCR and Reverence Capital, the Financial Times reported citing unnamed sources. The firm, which GTCR and Reverence acquired from Wells Fargo in 2021 for $2.1bn, may be valued at roughly $4bn in a deal. The sources said talks remain at an early point and no decision has yet been made. Allspring oversees $642bn in assets and employs more than 360 investment professionals across 18 offices, with employees holding about 20% of its shares. The report comes amid a wave of sector deals this year, including Nuveen's agreement to buy UK asset manager Schroders in a £9.9bn takeover, Schroders' separate July agreement to sell its UK integrated financial advice business Benchmark to Söderberg & Partners, and Victory Capital's August deal to acquire First Eagle.
Schroders PLC
Victory Capital Holdings Inc
Wells Fargo & Company
