Wells Fargo AM rebrands and names new boss after acquisition - The TRADE (2024)

FAQs

Did Wells Fargo investments change their name? ›

At a meeting held July 15, 2021, the Board of Trustees of the Wells Fargo Funds approved a change in the Funds' names to remove “Wells Fargo” from each Fund's name and replace with “Allspring”.

The businesses under WFAM such as Analytic Investors, Galliard Capital Management, and Golden Capital Management were included as part of the sale. On February 23, 2021, Wells Fargo announced that it agreed to sell WFAM to private equity firms GTCR and Reverence Capital Partners for $2.1 billion.

The buyer group for Wells Fargo's positions included AlpInvest Partners (a subsidiary of Carlyle), Atalaya Capital Management, Lexington Partners, and Pantheon.

Wells Fargo's likelihood of distress is under 9% at this time. It has tiny risk of undergoing some form of financial distress in the near future. Probability of bankruptcy shows the probability of financial torment over the next two years of operations under current economic and market conditions.

Warren Buffett and his company Berkshire Hathaway (BRK. A 1.18%) (BRK. B 1.30%) recently disclosed that they sold off their last remaining holdings of Wells Fargo (WFC 2.74%) in the first quarter of 2022.

That day, Buffett privately sold off $20 million worth of Wells Fargo shares in his personal account. It has long been known that Buffett keeps a personal stock portfolio, separate from his company's holdings. But what's inside of it has always been a closely guarded secret.

December 2022: The CFPB orders Wells Fargo to pay $1.7 billion in fines and $2 billion in consumer redress in connection with "illegal activity" across several of its product lines.

The Wells Fargo fake accounts scandal was a major financial scandal that shook the banking industry to its core. The bank was revealed to have created fake accounts. Shockingly, these accounts were in the names of its customers. without their knowledge or consent.

Following the completed transaction, Wells Fargo Asset Management will now operate under its new name, Allspring Global Investments. Allspring has more than $587 billion in assets under management as well as investment capabilities spanning across diverse asset classes and will operate across 18 offices globally.

Wells Fargo CTS is now Computershare Corporate Trust.

Did Wells Fargo rebrand? ›

In late January, Wells Fargo announced a refreshed logo and new branding campaign in an attempt to move past the scandals and disappointments of recent years. “Our company's transformation continues,” said Tim Sloan, Wells Fargo's CEO and president, in a Jan 24 press release announcing the campaign launch.

Acquisition of Wachovia (2008)

During the financial panic of September 2008, Wells Fargo made a bid to purchase the troubled Wachovia Corporation.

Founded in Winston-Salem, N.C. as Wachovia National Bank on June 16, 1879, Wachovia grew to be one of the largest diversified financial services companies in the United States. It traded on the New York Stock Exchange under the symbol WB.