A Wells Fargo news release said migration to these systems is expected to be complete in the second half of 2010.
“We feel very good about the thoughtful approach we’ve taken to select the recordkeeping platform,” said Laurie Nordquist, director of Wells Fargo Institutional Retirement, in the news release. “Our teams have spent two months analyzing the merits of both legacy systems, and while each performed very well for our clients, we believe this choice is the right one for the future of our combined business.”
“The Wells Fargo Institutional Retirement business has a tremendous opportunity. We are a much bigger than either legacy firm was six months ago, and our size affords us the opportunity to invest and enhance our systems at a time when most of our competitors are cutting back,” added Joe Ready, director of Wells Fargo Institutional Retirement.
According to the announcement, the combined Wells Fargo/Wachovia’s retirement businesses serves more than 3.7 million participants and more than 10,000 clients. Wells acquired Wachovia last year (See North Carolina’s Moore Calls for Wachovia Buyout Fight ).
Wachovia officials have said in recent years that their acquisition strategy centered around marketing of WySTAR and its goal to add two to three “significant” outsourcing relationships to the system per year (See Wachovia: BoNY RK Acquisition Part of Long-Term Strategy ).