Private equity firms GTCR and Reverence Capital Partners said on Monday financial industry veteran Joseph Sullivan will head Wells Fargo Asset Management, the business they acquired earlier this year from Wells Fargo in a $2.1 billion deal.
Sullivan, previously the chief executive officer of asset manager Legg Mason , will become CEO after the deal closes in the second half of this year. Current CEO Nico Marais will retire and become a senior adviser.
Sullivan was already tapped for the role of executive chairman earlier.
Wells Fargo Asset Management will be renamed to Allspring Global Investments after the close
In February this year, the major U.S. lender agreed to sell its asset management business, which manages more than $600 billion in assets, to GTCR and Reverence.
