According to an announcement, the combined group will include Wachovia Retirement Services and PFPC Retirement Services. It will work with more than 4,100 retirement plans covering 1.3 million plan participants and pensioners and encompassing $50 billion in assets under administration.
The financial details of the transaction – expected to close by the end of the second quarter – were not disclosed. Joseph Ready, director of Wachovia Retirement Services, will head the Charlotte-based combined group
In addition to Wachovia’s current business in direct and broker-sold defined contribution plans, it intends to market, service and support the third-party retirement outsource recordkeeping business through a separate unit named WySTAR Global Retirement Solutions, according to the announcement.