Principal closes deal to buy Wells Fargo retirement business
DES MOINES, Iowa (AP) — Principal Financial Group says it has closed its purchase of the Wells Fargo's Institutional Retirement & Trust business.
Principal said Monday it is beginning the integration of the Wells Fargo's 401k, pension, executive deferred compensation, employee stock ownership plans and asset advice business.
Principal Chairman Dan Houston says Principal broadens offerings in retirement and asset management, doubling the size of its U.S. retirement business with the deal.
Principal says it's appointing several executives from the Wells Fargo business to its retirement leadership team and says it will keep open locations in Minnesota, North Carolina, Texas and the Philippines.
The Wells Fargo retirement businesses manage about $827 billion in assets.
Principal previously announced the $1.2 billion deal would be financed with cash and senior debt financing.