Wells Fargo & Company (NYSE: WFC) recently unveiled its collaboration with Allspring Global Investments, a prominent asset management firm, to introduce a unique offering: the Tribal Inclusion share class within the Allspring Government Money Market Fund. Wells Fargo reports that this share class will be exclusively available to Wells Fargo corporate clients and marks the first money market product with a charitable donation component aimed at supporting tribal communities across the United States.
“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,” said Randall Lacayo, head of Diverse Segments, Capital Markets, Wells Fargo Corporate & Investment Bank. “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.”
In conjunction with its sustained support for Native Forward’s objectives, Wells Fargo will make a donation to the Native Forward Scholars Fund to commemorate the fund’s launch. This fund empowers students from over 500 tribes across the U.S. by providing scholarships for higher education. Additionally, Allspring pledges to donate a portion of the net management fee revenue from the Tribal Inclusion share class assets.
Sonya Rorie, Deputy Chief Diversity Officer at Allspring, highlighted the significance of the collaboration in addressing the underrepresentation and overlooked needs of Native American communities. She emphasized Allspring’s mission to elevate investing’s impact and contribute to organizations like Native Forward to foster better outcomes.
Angelique Albert, CEO of Native Forward, underscored the transformative potential of investing in the Tribal Inclusion share class, noting its capacity to enhance the economic mobility of Native communities and foster a more equitable workforce.
Among the inaugural investors in the Tribal Inclusion share class are Paramount Global and several Native American tribal governments, signaling strong support for today’s launch.
Dawson Her Many Horses, Head of Native American Banking at Wells Fargo, commended the initiative as a means to raise awareness of the often overlooked needs of Native American communities by corporate entities.
Wells Fargo’s longstanding commitment to supporting Native American and Alaska Native communities spans over 65 years. The company remains a leading provider of capital and financial services to tribes and tribal-owned enterprises, with banking relationships encompassing a significant portion of federally recognized tribes in the U.S. Through dedicated efforts, Wells Fargo has committed billions in credit and deposits to tribal governments and enterprises, serving over 300 Native American and Alaska Native tribal entities across 25 states.
