Allspring Global Investments explores $4B sale as asset management M&A hits record highs

Allspring Global Investments, the $642 billion asset manager born from Wells Fargo’s investment arm, is in early-stage discussions about a potential sale valued at roughly $4 billion. If the deal goes through, it would hand private equity owners GTCR and Reverence Capital a tidy return on their $2.1 billion acquisition just five years ago. The timing isn’t accidental. Global M&A activity in asset management hit a record $53.8 billion by late August 2026, according to Dealogic. From Wells Fargo castoff to $4B prize Wells Fargo sold its asset management division to GTCR and Reverence Capital in 2021 for $2.1 billion. The new owners gave it a fresh name, Allspring Global Investments, and set about building it into something worth considerably more. The strategy centered heavily on fixed income. Today, roughly two-thirds of Allspring’s $642 billion in assets under management sits in fixed-income products. Employee ownership has been another cornerstone of the firm’s post-acquisition identity. About 20% of Allspring’s shares are held by employees. A $4 billion exit would represent a near-doubling of the original purchase price. A record year for asset management dealmaking The $53.8...