A $150B boost: Principal completes integration of Wells Fargo’s retirement business

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Principal Financial Group announced today that it recently completed the integration of the Wells Fargo Institutional Retirement business. Principal acquired the Institutional Retirement and Trust business from Wells Fargo in July 2019 to enhance its retirement and income capabilities, achieve greater scale and balance, and drive business growth. Through the acquisition and with new business, Principal currently serves more than 10 million eligible participants and individual account holders representing more than $537 billion in total account value. “Our teams worked hard to ensure a successful integration for plan sponsors, participants and financial professionals,” said Renee Schaaf, president of Retirement and Income Solutions at Principal. “Their dedication to our combined organization has positioned our business for continued growth.” As a result of the acquisition, Principal added 4.3 million eligible participants and about $150 billion in account value and welcomed 1,500 new employees. The company onboarded clients in a series of structured waves through the end of June 2021, resulting in the integration of thousands of plan sponsors.