At Long Last, Wachovia Exits Recordkeeping

February 8, 2001 ( - After months of circulating rumors, Wachovia has decided to exit the participant recordkeeping business.

Wachovia has reportedly tapped Invesco to pick up that responsibility, also a long-rumored acquiror for the Southeastern regional bank’s business.

The decision impacts nearly 50 Wachovia employees, with roughly 37 eligible to apply for positions at Invesco, according to sources within the bank. Wachovia is expected to announce the move later today.

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Wachovia has decided to retain its administrative presence in the business, as well as participant education and communications.