ALLSPRING GLOBAL INVESTMENTS TO ADOPT STATE STREET ALPHA™ PLATFORM

Rhea-AI Summary

Allspring Global Investments, managing over $541 billion in assets, has announced a partnership with State Street Corporation (NYSE: STT) to adopt the State Street Alpha platform for its middle-office operations. This phased transition is expected to conclude by the end of 2023. The collaboration aims to enhance Allspring's operational capabilities and client service through process modernization and advanced technology. Joe Sullivan, Executive Chair and CEO of Allspring, stated that this agreement is pivotal for the company’s growth as an independent global asset manager.

Positive

• Partnership with State Street to adopt the Alpha platform enhances Allspring's operational capabilities.
• Transition to the State Street Alpha platform is set to modernize processes and improve client service.

Negative

• None.

CHARLOTTE, N.C., July 1, 2022 /PRNewswire/ -- Allspring Global Investments™ (Allspring), a leading independent asset manager with more than $541 billion in assets under management*, today announced that it has entered into an agreement with State Street Corporation (NYSE: STT), under which Allspring will adopt State Street Alpha™ for Allspring's middle-office operations as well as expand its relationship with Charles River Development. Allspring's transition will be a phased rollout targeted for completion by the end of 2023.

Joe Sullivan, Executive Chair and CEO at Allspring, shared: "Today's agreement with State Street is another critical step forward in Allspring's transformational journey as an independent global asset manager committed to delivering superior service to its clients. This important partnership will enable Allspring to focus even more on managing our clients' assets and further strengthen the firm's ability to meet their evolving needs, including by leveraging State Street's highly regarded Alpha platform suite of investment technology."

By leveraging the Alpha platform, Allspring can achieve process modernization and broader capabilities to enhance the investment experience for clients.

State Street Alpha is a fully integrated front-to-back technology platform that combines proven industry-leading components, including Charles River Development, Alpha Data Platform, middle-office processing, and a comprehensive set of data and back-office services.

"The State Street Alpha platform is ideally suited to provide Allspring with critical technology and operations infrastructure from the front office to the back office with advanced data management services," said John Plansky, head of State Street Alpha. "We look forward to being an essential partner for Allspring and helping them execute their strategy as a leading independent firm."

About Allspring Global Investments 

Allspring Global Investments™ is an independent asset management company with more than $541 billion in assets under management*, offices around the world, and investment teams supported by 450 investment professionals. Allspring is committed to thoughtful investing, purposeful planning, and inspiring a new era of investing that pursues both financial returns and positive outcomes. To learn more about Allspring and our mission to elevate investing, please visit www.allspringglobal.com.

Allspring Global Investments™ is the trade name for the asset management companies of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These companies include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC). Associated with Allspring is Galliard Capital Management, LLC (an investment advisor that is not part of the Allspring trade name/GIPS company).

*As of March 31, 2022, AUM includes $91 billion from Galliard Capital Management, an investment advisor that is not part of the Allspring trade name/GIPS company.

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© 2022 Allspring Global Investments Holdings, LLC. All rights reserved.

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SOURCE Allspring Global Investments

FAQ

What is the significance of Allspring adopting State Street Alpha for STT investors?

The adoption of State Street Alpha is expected to enhance Allspring's operational efficiency, potentially improving its service and investment outcomes, which can positively affect STT's reputation and business.

When will Allspring complete the rollout of State Street Alpha?

The phased rollout of the State Street Alpha platform for Allspring is targeted for completion by the end of 2023.

What assets does Allspring Global Investments manage?

Allspring Global Investments manages over $541 billion in assets.

How will the partnership with State Street benefit Allspring's clients?

The partnership is expected to modernize Allspring's processes and provide enhanced investment technology, ultimately improving the client experience.

Who commented on the importance of the partnership with State Street?

Joe Sullivan, Executive Chair and CEO of Allspring, highlighted the partnership as a critical step in Allspring's transformational journey.