Press release
Wells Fargo to Sell Institutional Retirement & Trust Business to Principal Financial Group
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE:WFC) announced today that Wells Fargo Bank, N.A. has entered into an agreement with Principal
About this update from Principal Financial Group Inc
[{"type":"text","content":"CHARLOTTE, N.C.--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE:WFC) announced today that Wells Fargo Bank, N.A. has entered into an agreement with Principal Financial Group® (Nasdaq:PFG) to sell its Institutional Retirement & Trust (IRT) business, which includes its retirement plan recordkeeping and administrative services (401(k) and pension plans), executive deferred compensation (non-qualified plans), institutional trust and custody and institutional asset advisory businesses. The transaction, which is expected to close early in the third quarter of 2019, subject to receipt of required regulatory approval, will create one of the largest retirement providers in the industry.\"The Institutional Retirement and Trust business is well-managed, award winning and highly respected in the market,\" said Jon Weiss, head of Wells Fargo Wealth & Investment Management. \"The scale derived from a combination of IRT and the Principal Financial Group will benefit clients, plan participants, and team members. At the same time this sale reflects Wells Fargo's strategy to focus our resources on areas where we can grow and maximize opportunities within wealth, brokerage and asset management.\"IRT is a national leader in providing total retirement management, executive deferred compensation, investments, and trust and custody solutions tailored to meet the needs of institutional clients. As of Dec. 31, 2018, the division had $827 billion in assets under administration and served 3.9 million 401(k) participants and pensioners.Principal Financial Group® serves more than 24 million customers with retirement, asset management and insurance solutions to help them build and protect their financial well-being. Founded 140 years ago, Principal is headquartered in Des Moines, Iowa, with 16,000 employees located around the world.\"A combination with the Principal team creates one of the largest retirement providers in the industry. The size, scale and breadth of capabilities delivered by a company dedicated to retirement savings and investing will be a great benefit to our clients and team members,\" said Joe Ready, head of IRT. \"As our leadership team has learned more about Principal, we see great commonalities between our two cultures, including our shared focus on service excellence and driving plan and participant outcomes. We look forward to the real...