Principal Financial Group has closed its acquisition of the Wells Fargo & Company (NYSE: WFC) Institutional Retirement & Trust business. Principal will now begin the integration of Wells Fargo’s defined contribution, defined benefit, executive deferred compensation, employee stock ownership plans, institutional trust and custody and institutional asset advisory businesses.
“With this acquisition, we are broadening our offerings and deepening our ability to serve customers with unmatched capabilities across retirement, asset management and protection solutions,” says Dan Houston (pictured), chairman, president and CEO of Principal. “As a top-three leader in the US retirement industry, we will be well-positioned to invest and grow our business to the benefit of our customers, employees and shareholders.”
Through this acquisition, Principal will double the size of its US retirement business, while bringing on attractive institutional trust and custody offerings for the non-retirement market and expanding its discretionary asset management footprint.
“Principal is committed to helping people live their best lives through our holistic financial solutions,” says Renee Schaaf, president of Retirement & Income Solutions at Principal. “Together with the Wells Fargo Institutional Retirement & Trust business, our customers can expect a powerful combination of passion, talent and expertise to help empower them to reach their financial goals.”
