Wells Fargo Asset Management gets a new leader with a fresh name.
Joseph Sullivan Takes the Helm at Allspring Global Investments
Joseph Sullivan, a seasoned executive with over 40 years of experience in the investment industry, has been appointed as the CEO of Allspring Global Investments, a leading asset management firm that was formerly known as Wells Fargo Asset Management (WFAM).
The transformation of WFAM into Allspring Global Investments was initiated in 2021, following its separation from Wells Fargo. The buyers, private equity firms GTCR and Reverence Capital Partners, acquired the company for $2.1 billion in February of the same year. Wells Fargo retained a 9.9% stake and continued as a client and distributor, while over 20% ownership went to the company's employees.
At the time of the rebranding, Sullivan joined the company as the chairman of the board to oversee the new independent company. He played a significant role in the governance and strategic direction of Allspring as it transitioned from a bank-controlled unit to an independent asset management firm. Sullivan led the board's oversight during the rebranding and separation process.
Sullivan originally joined the company as the Chairman of the Board in 2021, having previously served as the CEO of Legg Mason until it was acquired by Franklin Templeton in 2020. He had also served as the global head of sales at Legg Mason since September 2008.
Nicolaas Marais, who remained CEO at the time of the rebranding, is now retiring but will continue to advise Allspring. The complete purchase is expected to be concluded in the second half of 2021. The new name, Allspring Global Investments, is intended to reflect the company's history as a leading investment company and its commitment to renew, grow, and deliver reasonable results to customers.
In July 2025, Sullivan was succeeded by Kate Burke as CEO, marking a leadership change. However, Sullivan's role as chairman at the time of the rebranding was pivotal in shaping the direction of Allspring Global Investments.
[1] Source [2] Source
[1] Joseph Sullivan's extensive experience in the investment industry, combined with his leadership as chairman of the board, played a crucial role in guiding Allspring Global Investments, a separate entity from Wells Fargo Asset Management, towards its business objectives and investing strategies.
[2] As the company Allspring Global Investments transitions under Sullivan's leadership, it continues to focus on finance and other business areas as it strives to deliver reasonable results to its customers.
