An exciting new chapter for our firm
We are excited to share that GTCR LLC and Reverence Capital Partners, L.P. signed a definitive agreement to acquire Wells Fargo Asset Management (WFAM).1
The transaction is expected to close in the second half of 2021, subject to customary closing conditions. As part of the transaction, Wells Fargo will own an equity interest and will continue to serve as an important client and distribution partner.
Through this acquisition, GTCR and Reverence Capital – two respected private equity firms with deep experience investing in the asset management sector – are making a significant investment in critical parts of the WFAM business, which we believe will allow us to serve our clients even better in the future.
WFAM to become Allspring Global Investments; Initiates Leadership Transition
Joseph A. Sullivan, former Chairman and CEO of Legg Mason, will assume role of CEO upon closing of previously announced transaction that will establish Allspring as an independent company.
Read the full press release
GTCR and Reverence Capital are the right partners to take WFAM into the future successfully as a forward-thinking, leading asset manager. Their extensive experience with growing asset managers, together with their robust resources and expertise, will enable us to harness the strengths of WFAM more effectively for our clients’ benefit.
Our commitment during this time of transition prior to the closing of the transaction is to continue business as usual, with a key focus on our client relationships. With this change of ownership we will work with you to make the transition as seamless as possible. Please note: The same management team, investment professionals, and client service teams who manage your assets and relationship at WFAM are expected to continue to do so.
The collective leadership team is very excited about what the future will bring for WFAM; our people; and, most importantly, you, our client. We look forward to our continued relationship.
Wells Fargo Funds Trust
Special Note Regarding the Upcoming Meeting of Shareholders
In light of the evolving coronavirus (COVID-19) situation and the recommendations of public health officials, the Funds’ Special Meeting of Shareholders, originally scheduled to be held at 525 Market Street, 12th Floor, San Francisco, California 94105, on October 15, 2021 at 10:00am (PT), will now be held solely via virtually. Shareholders of record on the Record Date (as defined below) for the Meeting may participate in and vote at the Meeting on the Internet by virtual means. To participate in the Meeting virtually shareholders must register in advance by visiting https://www.viewproxy.com/WellsFargoFundsTrust/broadridgevsm/ and submitting the requested required information to Broadridge Financial Solutions, Inc. (“Broadridge”), the Funds’ proxy tabulator. Only shareholders of record at the close of business on May 28, 2021 (the “Record Date”) are entitled to notice of, and to vote at, the Meeting or any postponement or adjournment thereof.
1This acquisition includes Wells Fargo Bank, N.A.’s business of acting as trustee to its collective investment trusts as well as all Wells Fargo Asset Management (WFAM) legal entities: Wells Fargo Asset Management (WFAM) includes Wells Fargo Funds Management, LLC; Wells Capital Management Inc.; Galliard Capital Management, Inc.; Wells Fargo Asset Management (International) Ltd; Wells Fargo Asset Management Luxembourg S.A.; and Wells Fargo Funds Distributor, LLC.
About Wells Fargo Asset Management
At Wells Fargo Asset Management, we put the client at the center of everything we do. Our commitment: Help clients achieve what matters most to them on their path to financial well-being. We do this by channeling the collective wisdom of our specialized investment teams (backed by over 450 investment professionals) into solutions designed to help meet clients’ goals. We place a relentless focus on pursuing consistent and positive risk-adjusted returns, with the support of our independent risk management teams. Together, we strive to help our clients build portfolios aimed at generating successful outcomes and defending them against uncertainty.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the healthcare, financial services & technology, technology, media & telecommunications, and growth business services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $20 billion in over 250 companies. For more information, please visit www.gtcr.com.
About Reverence Capital Partners
Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market financial services businesses through control and influence oriented investments in five sectors: (1) depositories and finance companies, (2) asset and wealth management, (3) insurance, (4) capital markets, and (5) financial technology/payments. The firm was founded in 2013, by Milton Berlinski, Peter Aberg and Alex Chulack, who collectively bring over 90 years of advisory and investing experience across a wide range of financial services sectors. For more information visit www.reverencecapital.com.