GTCR Fund XIII a fund managed by GTCR LLC and Reverence Capital Partners Opportunities Fund II, L.P. a fund managed by Reverence Capital Partners LLC entered into an agreement to acquire 90.1% stake in Wells Fargo Asset Management Holdings, LLC from Wells Fargo & Company (NYSE:WFC) for $2.1 billion on February 23, 2021. As part of the transaction, Wells Fargo will own a 9.9% equity interest and will continue to serve as a client and distribution partner. The transaction includes Wells Fargo Bank N.A.?s business of acting as trustee to its collective investment trusts and all related Wells Fargo Asset Management legal entities which are 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. GTCR and Reverence Capital will partner with the management, portfolio managers, and employees of WFAM to complete and fund the transaction. Upon closing of the transaction, the new, independent company will be rebranded as Allspring Global Investments and the name change will take place when the transaction closes. In connection with the transaction, Wells Capital Management Incorporated is expected to convert from a California corporation to a Delaware limited liability company. Nico Marais, Wells Fargo Asset Management?s Chief Executive Officer, will remain Chief Executive Officer; he and his leadership team will continue to oversee the business. Joseph A. Sullivan, former Chairman and Chief Executive Officer of Legg Mason, will be appointed as Executive Chairman of the Board of the new company following the closing of the transaction. Joseph Sullivan, who was earlier tapped for the role of executive chairman, will become the Chief Executive Officer after the transaction closes. Current Chief Executive Officer Nico Marais who is due to retire when the transaction is complete and will continue to serve Allspring as Senior Advisor. Kate Sandman McKinley will become Chief Legal Officer of the newly independent company, following closing of the transaction. As of October 27, 2021, the parties announced that Chris Baker will become Chief Compliance Officer of the newly independent company. Chris Baker will join Allspring in January 2022 and will report to Kate McKinley, as well as to the Allspring Funds Board of Trustees. The transaction is subject to receipt of regulatory approvals and contractual consents. Wells Fargo anticipate convening a special meeting of shareholders on August 16, 2021, for the shareholders? approval for the transaction. The transaction is also subject to customary closing conditions. The transaction is expected to close in the second half of 2021. Wells Fargo Securities, LLC served as exclusive financial advisor, and Jeffrey A. Brill, David C. Hepp, Matthew B. Collin, Steven J. Matays, Alec J. Jarvis, Joseph M. Penko, Brian D. Christiansen, Steven Messina, Audrey L. Sokoloff and Andrew D. Woodard of Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsels to Wells Fargo in connection with the transaction. Broadhaven Capital Partners and UBS Investment Bank served as financial advisors to GTCR LLC and Reverence Capital Partners relative to the transaction, with additional financial advice rendered by RBC Capital Markets and Perella Weinberg Partners. Mark Fennell, Dan Guerin, Steve Ritchie, Peter Stach, Scott A. Moehrke, Ryan P. Swan, Adam Skinner, Thomas Woodhead, and Kevin Mausert of Kirkland & Ellis LLP provided legal counsels to GTCR LLC and Reverence Capital Partners. John LeClaire, Tom LaFond, Richard Lever, and Howard Cubell of Goodwin Procter LLP acted as legal advisors to Wells Fargo Asset Management. Chip MacDonald of Jones Day acted as legal advisor to GTCR LLC. Barclays PLC (LSE:BARC) also acted as financial advisor to GTCR LLC. GTCR Fund XIII a fund managed by GTCR LLC and Reverence Capital Partners Opportunities Fund II, L.P. a fund managed by Reverence Capital Partners LLC completed the acquisition of 90.1% stake in Wells Fargo Asset Management Holdings, LLC from Wells Fargo & Company (NYSE:WFC) on November 1, 2021. In conjunction with the closing, WFAM's name has changed to Allspring Global Investments.