On July 1, 2019, Principal Financial Group announced the completion of its acquisition of the Wells Fargo & Company’s Institutional Retirement & Trust business.
Following the acquisition, Principal Financial Group (“Principal”) will integrate Wells Fargo & Company’s (“Wells Fargo”) Institutional Retirement & Trust business (“WFIRT”), including WFIRT’s defined contribution, defined benefit, executive deferred compensation, employee stock ownership plans, institutional trust and custody and institutional asset advisory businesses, doubling the size of Principal’s U.S. retirement business. Principal has appointed several of WFIRT’s executives to join its retirement leadership team. Further terms of the deal were not disclosed.
Wells Fargo (NYSE: WFC) is a financial services company headquartered in San Francisco. The company provides banking, investment, and mortgage products and services globally. As of December 31, 2018, WFIRT had $827 billion in assets under administration.
Principal Financial Group (Nasdaq: PFG), headquartered in Des Moines, is an investment management and insurance company that provides retirement, asset management, and insurance solutions.
To read the news article: please click here.