Wells, Allspring Launch Tribal Shares
As we mentioned in yesterday's Money Fund Intelligence, a press release entitled, "Wells Fargo and Allspring Collaborate on New Money Market Fund Share Class to Benefit Native American Communities" explains, "Wells Fargo & Company (WFC) ... announced it is working with Allspring Global Investments, a global asset management firm, to launch a Tribal Inclusion share class for the Allspring Government Money Market Fund, which will be offered exclusively to Wells Fargo corporate clients. The Tribal Inclusion share class is the first money market product with a charitable donation feature focused on benefiting tribal communities in the United States." Randall Lacayo, Capital Markets Diverse Segments leader at Wells Fargo Corporate & Investment Bank, comments, "As a long-term supporter of Native American and Alaska Native communities, we are delighted to partner with Allspring on the launch of their first money market fund share class focused on benefiting tribal communities.... We have supported Native Forward Scholars Fund over the past decade, and we are pleased to offer this new fund exclusively to Wells Fargo clients to further promote their diversity, equity, and inclusion initiatives serving tribal communities." The release states, "In addition to its ongoing support of Native Forward's mission, Wells Fargo will make a donation in celebration of the launch of the fund to Native Forward Scholars Fund, an organization focused on empowering students from more than 500 tribes across the U.S. by providing scholarships for higher education. Allspring will donate a percentage of the net management fee revenue earned on Tribal Inclusion share class assets." Sonya Rorie, Allspring's deputy chief diversity officer, says, "The Native American community is historically and culturally rich but underrepresented and often overlooked. For Allspring, this collaboration is an incredible opportunity to educate ourselves on the specific needs of tribal communities especially pertaining to Native Forward's objective to provide access to quality education for Native scholars via direct scholarships. Allspring's mission is to elevate investing to be worth more and part of our purpose is to contribute to organizations such as Native Forward to achieve better outcomes." Native Forward CEO Angelique Albert adds, "For the past five plus decades, Native Forward has remained steadfast in meeting the unmet needs of every Native scholar who wishes to pursue higher education. When you are investing in the Tribal Inclusion share class, you are doing more than just investing, you are impacting the economic mobility of Native people in this country. That type of social impact extends beyond individuals and creates opportunities for a more just and diverse workforce." For more on "Social" and ESG money funds, see our November MFI. (E-mail us to request the latest issue.)
