In 2021, the company sold its asset management division, Wells Fargo Asset Management (WFAM) to private equity firms GTCR and Reverence Capital Partners for $2.1 billion.
GTCR and Reverence Capital Partners agreed to acquire Wells Fargo Asset Management, which will become Allspring Global Investments. Wells Fargo Asset Management is set to rebrand as Allspring Global Investments under its new CEO upon closure of its acquisition by GTCR and Reverence Capital Partners.