July 26 (Reuters) - Private equity firms GTCR LLC and
Reverence Capital Partners said on Monday financial industry
veteran Joseph Sullivan will head Wells Fargo Asset Management,
the business they agreed to acquire earlier this year from Wells
Fargo in a $2.1 billion deal.
Sullivan, who was previously the chief executive officer of
asset manager Legg Mason Inc, will take the helm after the deal
closes in the second half of this year. Current CEO Nico Marais
will retire and become a senior adviser, the companies said.
Sullivan, a veteran of four decades in the industry, was
already tapped for the role of executive chairman earlier.
Wells Fargo Asset Management will also be renamed to
Allspring Global Investments after the closing of the deal, the
In February this year, the major U.S. lender agreed to sell
its asset management business, which manages more than $600
billion in assets, to GTCR and Reverence, in what was the
biggest shake-up since top boss Charles Scharf joined as CEO in
(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh