Chris Baker to Join Allspring Global Investments as Chief Compliance Officer
GTCR LLC and Reverence Capital Partners have announced the appointment of Chris Baker as Chief Compliance Officer for the newly independent Allspring Global Investments, following their acquisition of Wells Fargo Asset Management (WFAM). The transition is set to be completed soon, with Baker joining the firm in January 2022. With over 22 years of compliance experience, Baker will work alongside Kate McKinley, Allspring’s Chief Legal Officer, to ensure robust compliance across the organization. WFAM has $587 billion in assets under management as of September 30, 2021.
- Appointment of experienced compliance professional Chris Baker to Chief Compliance Officer.
- Upcoming transition to Allspring Global Investments indicates operational continuity and potentially positive organizational change.
- WFAM's significant assets under management at $587 billion suggest a strong market position.
- None.
CHICAGO and NEW YORK, Oct. 27, 2021 /PRNewswire/ -- GTCR LLC and Reverence Capital Partners, L.P., which agreed to acquire Wells Fargo Asset Management (WFAM) earlier this year, today announced that Chris Baker will become Chief Compliance Officer of the newly independent company, Allspring Global Investments, following close of the transaction this year. Mr. Baker will join Allspring in January 2022 from State Street Global Advisors (SSGA) where he serves as Chief Compliance Officer. Mr. Baker will report to Kate McKinley, Allspring's incoming Chief Legal Officer, as well as to the Allspring Funds Board of Trustees.
Joseph A. Sullivan, the incoming Chairman and CEO of Allspring, said, "Chris brings a wealth of compliance experience to our organization. His partnership with our new Chief Legal Officer, Kate McKinley, will foster close collaboration between the two critical functions of Legal and Compliance, ensuring an integrated response and support model for all of our key stakeholders including clients, regulators, business leaders, and our Board."
Mr. Baker has 22 years of experience as a Compliance professional in the finance industry with 19 years focused in asset management. At SSGA, he manages a compliance program that adheres to global regulations and supports all company functions, including sales, product, broker-dealer and investments. In his role as Chief Compliance Officer, Mr. Baker is responsible for maintaining a comprehensive regulatory inventory, performing periodic risk assessments, conducting risk-based monitoring, and producing compliance reporting to relevant committees, boards, and senior management. Mr. Baker has a BA from Franklin & Marshall College and an MBA in Finance from Boston University.
On February 23, 2021, GTCR LLC and Reverence Capital Partners, L.P. announced that they had agreed to acquire WFAM from Wells Fargo & Company (NYSE: WFC). The name change to Allspring Global Investments will go into effect upon the closing of the transaction, anticipated to take place in the short term, subject to customary closing conditions.
About WFAM
WFAM is a leading asset management firm with
1. | As of September 30, 2021. AUM includes |
About GTCR
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
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.
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Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management, LLC, and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC). Associated with WFAM is Galliard Capital Management, LLC (an investment advisor that is not part of the WFAM trade name/GIPS firm).
INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
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SOURCE GTCR LLC and Reverence Capital Partners, L.P.
FAQ
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