NEWS UPDATE
BUY-SIDE
Rebrand for Wells Fargo Asset Management as acquisition completes
Following the transaction , GTCR and Reverence Capital plan to grow the rebranded firm ’ s technology platform , wealth distribution network and global footprint .
Allspring Global Investments has officially commenced operations as an independent asset management firm , following the close of the acquisition of Wells Fargo Asset Management by GTCR and Reverence Capital Partners .
Earlier this year , US investment bank Wells Fargo agreed to sell its asset management arm to GTCR and Reverence Capital for $ 2.1 billion , allowing the bank to shift its attention on to its wealth and brokerage businesses .
Following the completed transaction , Wells Fargo Asset Management will now operate under its new name , Allspring Global Investments .
Allspring has more than $ 587 billion in assets under management as well as investment capabilities spanning diverse asset classes and will operate across 18 offices globally .
Following the acquisition , the asset manager plans to locate its headquarters in Charlotte , North Carolina .
CRYPTO
FTX Trading raises $ 420 million in Series B-1 funding round
Funding round will allow FTX to expand into new jurisdictions and improve upon its current offerings .
FTX Trading , owner and operator of global cryptocurrency exchange FTX . com , has seen its valuation climb to $ 25 billion following the successful closing of Series B-1 funding worth $ 420 million .
Approximately 70 investors participated in the round , including Ontario Teachers ’ Pension Plan Board via its Teachers ’ Innovation Platform , Temasek , Sequoia Capital , Sea Capital , IVP , ICONIQ Growth , Tiger Global , Ribbit Capital , Lightspeed Venture Partners and funds and accounts managed by BlackRock .
On top of the B-1 fundraise , FTX disclosed that Temasek had also participated in the previously announced Series B round , updating the total amount of that raise from $ 900 million to $ 1 billion .
8 // TheTRADE // Winter 2021