Wells Fargo Asset Management funds change name

TheShadow

https://www.sec.gov/Archives/edgar/data/1081400/000108140021001242/namedatechange.htm

497 1 namedatechange.htm
SUPPLEMENT TO THE
PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION OF

WELLS FARGO ALTERNATIVE FUNDS
WELLS FARGO COREBUILDER SHARES
WELLS FARGO FIXED INCOME FUNDS
WELLS FARGO INTERNATIONAL AND GLOBAL EQUITY FUNDS
WELLS FARGO MONEY MARKET FUNDS
WELLS FARGO MULTI-ASSET FUNDS
WELLS FARGO MUNICIPAL FIXED INCOME FUNDS
WELLS FARGO SPECIALTY FUNDS
WELLS FARGO TARGET DATE RETIREMENT FUNDS
WELLS FARGO U.S. EQUITY FUNDS
WELLS FARGO VARIABLE TRUST FUNDS
(Each a “Fund”, together the “Funds”)

Wells Fargo Asset Management today announced that the Funds’ names will be changing from “Wells Fargo” to “Allspring” on December 6, 2021. This date for the name change replaces the previously announced date of October 11, 2021.

September 30, 2021

091MMR/P1201SP

msf

I may have missed it, but Wells Fargo Asset Management was spun off as well. Changing the fund names is just part of this larger change. WFAM is becoming Allspring Global Investments.

https://www.prnewswire.com/news-releases/wells-fargo-asset-management-to-become-allspring-global-investments-initiates-leadership-transition-301340853.html

IMHO, the "why" is pretty obvious, especially to investors who wouldn't touch any service or product coming from Wells Fargo.

“Rebranding is vital as is a new broom at the top to reboot the ailing WFAM business,” said Amin Rajan, chief executive of Create Research, an asset management consultancy.
...
Efforts by WFAM to attract new clients have ... been hampered by the 2016 mis-selling scandal involving the fraudulent opening of millions of customer accounts, which Wells Fargo bank has struggled to recover from.

https://www.ft.com/content/fdf0f369-5d5f-4385-8689-158ad173f793

rforno

IMO they also need to spin off Wells Fargo Advisors. I have a great team supporting my account there, but every time I see their logo on my monthly statement I cringe. :/