Wells Fargo Asset Management (WFAM) today announced that the
closed-end funds’ names are expected to change from “Wells Fargo”
to “Allspring” on December 6, 2021. This date replaces the
previously announced date of October 11, 2021. The Board of
Trustees of the Wells Fargo Funds approved the closed-end fund name
changes to include the name Allspring on July 15, 2021.
The new closed-end fund names will be:
Allspring Income Opportunities Fund (NYSE
American: EAD) Allspring Multi-Sector Income Fund (NYSE American:
ERC) Allspring Utilities and High Income Fund (NYSE American: ERH)
Allspring Global Dividend Opportunity Fund (NYSE: EOD)
WFAM will be changing its company name to Allspring Global
Investments upon the closing of the previously announced sale
transaction of WFAM by Wells Fargo & Company to GTCR LLC and
Reverence Capital Partners, L.P. The new corporate name is expected
to go into effect on the closing date of the transaction, which is
anticipated to occur in the second half of 2021, subject to
customary closing conditions. The fund name changes are also
subject to the closing of the transaction.
WFAM is the trade name used by the asset management businesses
of Wells Fargo and includes Wells Fargo Funds Management, LLC, the
investment adviser to each of the funds, Wells Capital Management
Incorporated, a sub-adviser to each of the funds, and Wells Fargo
Asset Management (International) Limited, a sub-adviser to Wells
Fargo Multi-Sector Income Fund.
The Wells Fargo Income Opportunities Fund is a closed-end
high-yield bond fund. The fund’s investment objective is to seek a
high level of current income. The fund may, as a secondary
objective, seek capital appreciation to the extent it is consistent
with its investment objective.
The Wells Fargo Multi-Sector Income Fund is a closed-end income
fund. The fund’s investment objective is to seek a high level of
current income consistent with limiting its overall exposure to
domestic interest rate risk.
The Wells Fargo Utilities and High Income Fund is a closed-end
equity and high-yield bond fund. The fund’s investment objective is
to seek a high level of current income and moderate capital growth
with an emphasis on providing tax-advantaged dividend income.
The Wells Fargo Global Dividend Opportunity Fund is a closed-end
equity and high-yield bond fund. The fund’s investment objective is
to seek a high level of current income. The fund’s secondary
objective is long-term growth of capital.
For more information on Wells Fargo’s closed-end funds, please
visit our website.
These closed-end funds are no longer available in public
offerings and are only offered through broker-dealers on the
secondary market. A closed-end fund is not required to buy its
shares back from investors upon request. Shares of a fund may trade
at either a premium or discount relative to the fund’s net asset
value, and there can be no assurance that any discount will
decrease. The values of, and/or the income generated by, securities
held by a fund may decline due to general market conditions or
other factors, including those directly involving the issuers of
such securities.
Equity securities fluctuate in value in response to factors
specific to the issuer of the security. Debt securities are subject
to credit risk and interest rate risk, and high-yield securities
and unrated securities of similar credit quality have a much
greater risk of default and their values tend to be more volatile
than higher-rated securities with similar maturities. Foreign
investments may contain more risk due to the inherent risks
associated with changing political climates, foreign market
instability, and foreign currency fluctuations. Risks of
international investing are magnified in emerging or developing
markets. Funds that concentrate their investments in a single
industry or sector may face increased risk of price fluctuation
over more diversified funds due to adverse developments within that
industry or sector. Small- and mid-cap securities may be subject to
special risks associated with narrower product lines and limited
financial resources compared with their large-cap counterparts.
Each fund is leveraged through a revolving credit facility and also
may incur leverage by issuing preferred shares in the future.
The use of leverage results in certain risks, including, among
others, the likelihood of greater volatility of the net asset value
and the market price of common shares. Derivatives involve
additional risks, including interest rate risk, credit risk, the
risk of improper valuation, and the risk of noncorrelation to the
relevant instruments they are designed to hedge or closely track.
There are numerous risks associated with transactions in options on
securities.
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).
Associated with WFAM is Galliard Capital Management, LLC. (an
investment advisor that is not part of the WFAM trade name/GIPS
firm).
This material is for general informational and educational
purposes only and is NOT intended to provide investment advice or a
recommendation of any kind—including a recommendation for any
specific investment, strategy, or plan.
Some of the information contained herein may include
forward-looking statements about the expected investment activities
of the funds. These statements provide no assurance as to the
funds’ actual investment activities or results. Readers must make
their own assessment of the information contained herein and
consider such other factors as they may deem relevant to their
individual circumstances.
About WFAM
WFAM is a leading asset management firm with $604 billion in
assets under management,1 24 offices globally, and specialized
investment teams supported by more than 480 investment
professionals. WFAM and its investment teams provide a broad range
of differentiated investment products and solutions to help its
diverse range of clients meet their investment objectives.
www.wfam.com
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,2
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth and
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
- As of June 30, 2021. AUM includes $92 billion from Galliard
Capital Management, an investment advisor that is not part of the
WFAM trade name/GIPS firm.
- As of June 30, 2021.
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 $20 billion in over 250 companies. For more
information, please visit www.gtcr.com.
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.
PAR-0921-01026
INVESTMENT PRODUCTS: NOT FDIC INSURED ● NO
BANK GUARANTEE ● MAY LOSE VALUE
WF-CF
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version on businesswire.com: https://www.businesswire.com/news/home/20210930005252/en/
Media Jeanette Foster, 415-264-1323
jeanette.d.foster@wellsfargo.com
Sarah Kerr, 617-834-5973 skerr@wellsfargo.com
Shareholder inquiries 1-800-730-6001
Financial advisor inquiries 1-888-877-9275
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