A publicly traded, money center bank has finished spinning off its $587-billion-AUM (as of September 30) asset management arm.

Joseph A. "Joe" Sullivan Allspring Global Investments Chairman & CEO

This afternoon, Collin Roche, co-CEO and managing director of GTCR LLC, and Milton Berlinski, co-founder and managing partner of Reverence Capital Partners, L.P., confirm that they have completed their planned acquisition of Wells Fargo Asset Management (WFAM) from Wells Fargo & Company). The $2.1-billion deal, which was unveiled back in February, transforms Charlotte, North Carolina-based WFAM into Allspring Global Investments [profile.

As expected, Joe Sullivan has taken over as chairman and CEO of Allspring, succeeding Nico Marais, who has retired and now serves as a senior advisor to the freshly independent asset manager. All told, Allspring has more than 1,400 employees (including more than 480 investment professionals) around the world.

In terms of ownership, GTCR and Reverence together hold a majority of Allspring's stock. The Allspring team also holds a sizable stake, while Wells Fargo retains a passive, 9.9-percent stake.

Allspring's PE backers hint at where the firm will be expanding next.

"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," Berlinski and Roche state. "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." 

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