A familiar leader is preparing to take over a $605-billion-AUA (as of December 31), private equity-backed fund firm in the Southeast, even as the current chief stays on.

Kate C. Burke Allspring Global Investments President, Board Member, Incoming CEO

Today, Joe Sullivan, chairman and CEO of Allspring Global Investments [profile], and Kate Burke, president, confirm that on July 1 Burke will succeed Sullivan as CEO of the Charlotte, North Carolina-based asset manager, which has more than 1,370 employees and 20 offices worldwide. Yet Sullivan will stay on as Allspring's executive chair.

Joseph A. "Joe" Sullivan Allspring Global Investments Chairman, Outgoing CEO

"Kate will remain president until July 1 when she assumes the CEO role," a spokesperson for Allspring tells MFWire. "They do not plan to name a president at that point."

"Kate has been a great fit with our organization and shares our mission," Sullivan states. "Kate has established herself as a skilled leader who combines deep experience in asset management and an understanding of the power of people to build culture and deliver results. She has a strong client orientation, a passion for operational excellence, and a focus on maintaining strong investment performance."

Burke, for her part, applauds "Sullivan's vision and leadership."

"His guidance, people-orientation, and the culture he established will continue to serve our leadership team, Allspring employees, and, most of all, our clients," Burke states. "With this solid foundation, I am honored and humbled to be tasked with leading Allspring into our next chapter."

The handoff will come less than four years after Allspring spun out of a money center bank and rebranded, backed by two PE firms: GTCR and Reverence Capital Partners. Milton Berlinski, co-founder and managing partner of Reverence, and Collin Roche, co-CEO of GTCR, offered their thanks today to Sullivan and their support to Burke as she ascends the throne.

"On behalf of the Allspring investors and Board, we thank him for his tenure as CEO and for his ongoing commitment as Executive Chair," Berlinski states, noting that Sullivan's "leadership during Allspring's early days was critical."

Roche calls attention to Burke's "substantial impact" on Allspring.

"I appreciate her contribution to our strategic planning and product innovation roadmap, with a focus on delivering value to clients," Roche states.

Burke joined Allspring in 2023 as president and board member, after 19 years with AllianceBernstein, Bernstein Private Wealth, and Bernstein Private Wealth. She rose to chief administrative officer of AB in 2019 and then to chief operating officer in 2020. She also worked with A.T. Kearney. She is an alumna of Northwestern University's Kellogg School of Management and of the College of the Holy Cross.

Sullivan took over Allspring in 2021 when the firm became independent. Earlier, he spent nearly a dozen years on the senior leadership team at Legg Mason, rising to chief administrative officer, then to global head of distribution and acting CEO before taking over on a more long-term basis, until Legg was acquired by another publicly traded asset management giant in 2020. He rejoined Legg in 2008 after holding leadership roles at Stifel Nicolaus. Earlier, he served as Legg Mason Wood Walker's fixed income chief, and he also worked at Dain Bosworth and Piper Jaffray. 

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