Allspring Global Investments, once part of Wells Fargo, is being prepared for a potential sale by its private equity owners, reported the Financial Times citing sources.
The firm was acquired in 2021 by GTCR and Reverence Capital from Wells Fargo and may be valued at roughly $4bn, the unnamed sources said.
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They said talks remain at an early point and that no decision has yet been made.
GTCR and Reverence bought Allspring for $2.1bn.
The transaction came as Wells Fargo separated its asset management business as part of a broader effort to reduce expenses and simplify its operations.
Allspring oversees $642bn in assets and employs more than 360 investment professionals across 18 offices.
Its executive chair, Joseph Sullivan, formerly ran Legg Mason before Franklin Templeton bought that company in 2020.
Notably, Sullivan served as Allspring’s CEO until July 2025 before being replaced by Kate Burke.
According to the company’s website, employees hold about 20% of Allspring’s shares.
The sector has seen several prominent deals this year, including the agreement by Nuveen to buy UK asset manager Schroders in a £9.9bn takeover.
Separately, in July, Schroders also agreed to sell Benchmark, its UK integrated financial advice business, to Söderberg & Partners.
Meanwhile, in August, Victory Capital sealed a deal to acquire First Eagle.
Victory’s purchase of First Eagle followed its unsuccessful attempt earlier this year to acquire Janus Henderson. Janus Henderson was ultimately bought by Nelson Peltz’s Trian Fund Management and investors led by venture firm General Catalyst.
