It was previously the asset management unit of Wells Fargo until November 2021 when it commenced operations as an independent firm.

[4] 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.

[5][6][8] It was believed that WFAM would be able to operate and grow more effectively on its own rather than as part of a bank that is more regulated.

[2][9][10] WFAM officially rebranded as Allspring Global Investments and commenced operations as independent firm.

[2][9][11][12] According to its own statement, Charlotte was selected for its business friendly environment and was also considered an important financial centre on the east coast.