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In 2019, Principal purchased Wells Fargo's institutional retirement and trust business (including 401k, pension, executive deferred compensation, employee stock ownership plans and asset advice business) for $1.2 billion. The deal was financed with cash and senior debt financing. [8]
Principal Financial Group Inc is in advanced talks to acquire Wells Fargo & Co's retirement plan services business, in a deal that could exceed $1 billion, people familiar with the matter said on ...
Wells Fargo (WFC) agrees to pay $32.5 million to resolve allegations of self-dealing with its 401(k) plan. The settlement represents 40% of the plan participants' estimated damages.
Ascensus, LLC. is an American financial services company that provides financial recordkeeping, tax-advantaged savings and retirement plan services. As of 2024, the company reports that it manages more than 14 million accounts and oversees more than $808 billion in assets under administration.
In July 2017 it announced the acquisition of the share registration business of Wells Fargo. [5] On 30 July 2020, the company announced its intention to rebrand as "EQ". [6] In April 2021 Siris Capital made an offer worth £661 million for the company. [7] The transaction was completed on 10 December 2021. [8]
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A Pension administration firm can also be a division of a larger corporation engaged in the retirement plan business, such as with Principal Financial Group. The term "bundled" is sometimes used to refer to such an arrangement; [ 12 ] [ 13 ] [ 14 ] the same company maintains the plan, manages investments, and provides custody services.
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