GTCR LLC and Reverence Capital Partners, L.P., which agreed to acquire Wells Fargo Asset Management (WFAM) earlier this year, today announced that Kate Sandman McKinley will become Chief Legal Officer of the newly independent company, Allspring Global Investments, following closing of the transaction. Ms. McKinley will report to Joseph A. Sullivan, who will serve as Chairman and CEO of Allspring. She will join from State Street Global Advisors, where she served as General Counsel and Senior Vice President since 2019.
Mr. Sullivan said, “The appointment of Kate McKinley represents another important milestone as Allspring becomes an independent company later this year. Kate has one of the most respected legal minds in the asset management industry and will bring her vast experience, energy, and exceptional judgment to Allspring.”
Ms. McKinley has spent the last 11 years with State Street Global Advisors where she oversaw the company’s entire legal function. She previously held roles of increasing responsibility at State Street, including Managing Counsel, Senior Vice President and Deputy General Counsel, and Senior Managing Director and Chief Operating Officer of the Institutional Client Group. Prior to joining State Street, she served as Assistant General Counsel, Wealth and Investment Management at Bank of America from 2005 – 2010. Ms. McKinley began her legal career as an associate in the Investment Management Group at WilmerHale. She earned a B.A. in English and a J.D. from Boston College.
Ms. McKinley said, “I am delighted to join Allspring at this unique point in the firm’s evolution. This is an incredible platform to build from, and I look forward to the opportunity to partner with Joe and the team to write the next chapter.”
On February 23, 2021, GTCR LLC and Reverence Capital Partners, L.P. announced that they had agreed to acquire WFAM from Wells Fargo & Company. The name change to Allspring Global Investments is expected to go into effect upon the closing date of the transaction, which is anticipated to occur in the second half of 2021, subject to customary closing conditions. Additional details related to the new independent company and its brand identity will be shared upon closing of the transaction. For access to the press release, please visit www.allspringglobal.com.
WFAM is a leading asset management firm with $604 billion in assets under management,1 24 offices globally, and specialized investment teams supported by more than 480 investment professionals. WFAM and its investment teams provide a broad range of differentiated investment products and solutions to help its diverse range of clients meet their investment objectives. For more information, please visit www.wfam.com.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Healthcare, Financial Services & Technology, Technology, Media & Telecommunications, and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ — finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $20 billion in over 250 companies. For more information, please visit www.gtcr.com.
About Reverence Capital Partners
Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market Financial Services businesses through control and influence oriented investments in 5 sectors: (1) Depositories and Finance Companies, (2) Asset and Wealth Management, (3) Insurance, (4) Capital Markets and (5) Financial Technology/Payments. The firm was founded in 2013 by Milton Berlinski, Peter Aberg and Alex Chulack, who collectively bring over 90 years of advisory and investing experience across a wide range of financial services sectors. For more information, please visit www.reverencecapital.com.