US asset manager Allspring Global Investments is exploring acquisition opportunities in the UK and Europe as it looks to expand its international footprint, according to a report by Reuters citing the company’s CEO Kate Burke.
The firm, which manages $625bn in assets, has begun informal discussions with potential targets but said no transaction is currently imminent.
Burke said Allspring is focusing on firms managing up to $20 billion in assets, although larger deals could also be considered. She added that private equity owners GTCR and Reverence Capital are leveraging their networks to support the search. Less than 10% of Allspring’s assets are currently managed outside the US.
The comments come amid continued consolidation across the global asset management industry as firms pursue greater scale and broader product capabilities. Burke said Allspring is particularly interested in expanding its global equities and opportunistic credit capabilities, while stressing that the firm’s focus remains on delivering long-term growth rather than preparing for a sale or public listing.
Despite strong investor demand for private markets strategies in recent years, Burke said Allspring has deliberately avoided expanding into private credit and infrastructure. She told Reuters that tightening spreads in private credit have reinforced the firm’s decision not to acquire businesses in the sector at elevated valuations.
