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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Principal Financial Group purchases Wells Fargo's retirement business

Principal Financial Group purchases Wells Fargo's retirement business



Principal Financial Group says it has closed its purchase of the Wells Fargo's Institutional Retirement & Trust business. Principal said Monday it is 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 US retirement business with the deal.Principal says it's appointing several executives from the Wells Fargo business to its retirement leadership team and it will keep open locations in Minnesota, North Carolina, Texas and the Philippines. assets.Principal previously announced the $ 1

.2 billion deal would be financed with cash and senior debt financing. Copyright 2019 The Associated Press.

Principal Financial Group has closed its purchase of the Wells Fargo's Institutional Retirement & Trust business.

Principal said Monday it is 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 US retirement business with the deal.

It says it will take several executives from the Wells Fargo business to its retirement leadership team and it will keep open locations in Minnesota, North Carolina, Texas and the Philippines.

The Wells Fargo Retirement businesses manage about $ 827 billion in assets.

Copyright 2019 The Associated Press.


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