Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
April 9th, 2019
Breaking News
Principal to Acquire Wells Fargo Retirement Plans Business
Principal Financial Group announced a definitive agreement with Wells Fargo & Company to acquire its Institutional Retirement & Trust business. At closing, Principal will assume ownership of Wells Fargo’s defined contribution (DC), defined benefit (DB), executive deferred compensation, employee stock ownership plans (ESOPs), institutional trust and custody and institutional asset advisory businesses and serve a combined 7.5 million U.S. retirement customers. Principal says, with the acquisition, it will gain a strong foothold with mid-sized employers as more than two-thirds of Wells Fargo’s institutional retirement assets are in plans ranging from $10 million to $1 billion. PLANSPONSOR will provide more information about the deal later today on our website.Read more >
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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