Kate Burke was appointed as the next CEO of Allspring Global Investments effective July 1, according to a news release.
Current CEO Joe Sullivan will continue to serve as executive chair of the board and work closely with Burke.
Burke joined Allspring in 2023 as president and also began serving as a director on the company’s board. Burke will not retain the president title and Allspring is not currently naming a new president, according to a spokesperson for the firm.
“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 in the release. “Kate has been a great fit with our organization and shares our mission. ... I am proud to pass the torch to her as she leads Allspring into the future.”
Prior to Allspring, Burke held several roles at AllianceBernstein including chief operating officer and chief financial officer over the course of 18 years.
Burke said in the release that, “Since Allspring began its journey as an independent firm, Joe Sullivan’s vision and leadership has had profound impacts on the organization, its strategy, and momentum. ... With this solid foundation, I am honored and humbled to be tasked with leading Allspring into our next chapter.”
Allspring became independent from Wells Fargo & Co. in November 2021.
Burke told Pensions & Investments last year in an interview that deep client relationships and customized approaches are critical for asset management.
“Where we’re making investments (is) in trying to improve the speed in which we’re able to provide a higher level of customization,” she said last year.
Allspring had $605 billion in assets under advisement as of Dec. 31.
