Wells Fargo Asset Management has officially commenced operations as Allspring Global Investments, eight months after the firm was bought by a duo of private equity firms.

The fund house began trading under the new name from 1 November and has inherited assets under management of more than $587bn, offering institutional and wealth management clients a range of investment solutions.

Nico Marais (pictured), former CEO of Wells Fargo AM, was originally confirmed to remain in the top role but has since retired from the position and has been replaced by Joseph Sullivan.

Marais will act as a senior adviser to the company.

Joseph Sullivan, executive chair and CEO of Allspring, said the firm would aim to provide "exceptional value to clients" and recognise the desire of investors to "go beyond simply delivering alpha".

Wells Fargo AM was purchased by GTCR and Reverence Capital Partners in February of this year for $2.1bn, with Wells Fargo remaining a shareholder of the firm, with an equity interest of 9.9%.

Collin Roche, co-CEO and managing director of GTCR, and Milton Berlinksi, co-founder and managing director of Reverence Capital, said they had "great confidence" in the new CEO and leadership team, which will aim to differentiate Allspring from the marketplace and make the firm an "essential partner".

"We will be investing significantly in the business to grow strategic areas, including the technology platform, the distribution network, and the firm's international footprint," they added.

The management team, portfolio managers and employees of Allspring now hold a "significant share" of the firm's equity.