Allspring names Kate Burke as its new CEO

Change is coming at Allspring Global Investments this summer as the independent asset manager names a veteran leader to be its next chief executive.

The firm said it is promoting Kate Burke effective July 1 to the CEO role as part of a planned leadership transition.

Burke, who joined the firm in 2023 as president and a member of the board, will succeed current CEO Joe Sullivan, who will remain with the company as executive chair.

Burke brings over 20 years of experience in the asset management industry. Before arriving at Allspring, she held multiple senior leadership roles at AllianceBernstein, including chief operating officer and chief financial officer. In those positions, she oversaw the firm’s strategic planning, global technology and operations, quantitative research, legal and compliance, and human capital functions.

Earlier in her career, she was head of Bernstein Private Wealth and chief administrative officer, before which she was the firm's head of human capital and chief talent officer.

“We believe that through continued investment in our platform and our people we are truly elevating investing, and working to deliver consistent, positive outcomes for clients,” Sullivan said Wednesday as he lauded Burke's "deep experience in asset management and [her] understanding of the power of people to build culture and deliver results."

Burke’s elevation to the top job has the backing of Allspring’s equity sponsors, including private equity firms GTCR and Reverence Capital.

GTCR co-CEO Collin Roche praised Burke’s leadership during her tenure as president, noting her contributions to Allspring’s strategy and product roadmap. 

In recent years, Allspring has adjusted its sails in response to emerging headwinds and tailwinds in the asset management space. That includes its move last June to enhance its custom separately managed accounts platform, with the addition of an international option to its direct indexing offerings. Shortly after, it filed a request for exemptive relief with the SEC to offer mutual fund/ETF share classes, joining the broader trend of mutual fund firms entering the active ETF fray.

More recently in February, it made the decision to close down its alternative equity team, which has been running US-focused large-cap value and low-volatility equity strategies, as well as a global long-short equity strategy. The team will depart the firm in June, a spokesperson confirmed to InvestmentNews at the time.

Milton Berlinski, co-founder and managing partner at Reverence Capital and a member of Allspring’s board, credited Sullivan’s leadership during the firm’s formative period.

“Joe’s leadership during Allspring’s early days was critical in propelling Allspring to where we are as a leading, respected, and diversified asset management firm,” Berlinski said. 

Sullivan has been at the helm since its inception in 2021, when its former parent Wells Fargo sold it to GTCR and Reverence Capital Partners.

Allspring Global Investments is an independent asset manager with more than $605 billion in assets under advisement. The firm operates in over 20 locations globally and employs more than 400 investment professionals across its platform.