Unit formerly known as Wells Fargo Asset Management seizes another State Street executive


What would you like to know

  • Chris Baker is leaving the Boston-based asset manager to become chief compliance officer for the company, now called Allspring.
  • He will report to another former State Street Global Advisors.

Private equity firms that buy Wells Fargo & Co.’s asset management business for $ 2.1 billion have hired another State Street Global Advisors executive to bolster the company’s legal and compliance departments Allspring Global Investments.

Chris Baker leaves Boston-based asset manager to serve as chief compliance officer Allspring, where he will report to fellow State Street Global Advisors alumnus Kate McKinley, who joined Allspring in August as chief legal officer. She had been legal counsel to State Street Global Advisors for almost three years.

Baker and McKinley will join new Allspring CEO Joseph Sullivan, who is stepping down as Managing Director at Legg Mason Inc. He succeeds Wells Fargo Asset Management CEO Nico Marais, who is retiring but will continue in the role. as Senior Advisor at Allspring.

Chicago-based GTCR and New York-based Reverence Capital Partners announcement in February they bought WFAM, which will become Allspring, an independent company, after the transaction closes later this year.

“This transaction represents an important step in the growth and evolution of our business,” Marais said in an earlier press release. “With this new partnership, our company will be even better positioned to execute our strategy and provide our clients with innovative products and solutions to help them achieve their investment goals.

The deal follows the massive Wells Fargo fake accounts scandal and non-adoption of compliance measures, which resulted in the bank paying a penalty of $ 3 billion. The former general counsel and CEO hired multi-million dollar fines.

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