Wells Fargo & Company has teamed up with Allspring Global Investments to introduce a Tribal Inclusion share class for the Allspring Government Money Market Fund. According to Wells Fargo, this share class will be exclusively available to its corporate clients.

"Wells Fargo and Allspring partner to support Native American communities though fund share class", said Wells Fargo in a press release.

Initial investors in the Tribal Inclusion share class are expected to include Paramount Global and various Native American tribal governments. Wells Fargo also plans to make a charitable donation in support of Native Forward's mission and contribute to the Native Forward Scholars Fund, which provides scholarships for higher education for students from over 500 tribes.

Randall Lacayo, head of Diverse Segments, Capital Markets at Wells Fargo Corporate & Investment Bank highlighted the long-term commitment towards supporting 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 Lacayo. "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 addition, Allspring has committed itself by pledging a part of the net management fee revenue earned from assets in the Tribal Inclusion share class.

Sonya Rorie, deputy chief diversity officer at Allspring expressed her views on serving overlooked communities like those of Native Americans: “The Native American community is historically and culturally rich but underrepresented and often overlooked." Rorie emphasized on the importance of understanding specific needs of tribal communities particularly regarding access quality education through scholarships provided by entities like Native Forward. She further added that “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."