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Principal completes integration of Wells Fargo’s trust and custody business


Principal Financial Group has completed the integration of Wells Fargo’s trust and custody business, effective Tuesday, the final step of the larger integration of Wells Fargo’s retirement business that Principal announced in August 2021. With the integration, Principal Custody Solutions serves nearly 3,000 institutional clients representing more than $1 trillion in assets. It also expands the market capability of Principal to provide trust and custody services to organizations including corporations, government institutions, insurance and financial institutions, and endowments, foundations and nonprofits. “There is strong demand in the market for the safekeeping of custom investment portfolios of pension fund benefits, nonretirement custodial funds, and retirement funds,” said Mike Gaul, CEO of Principal Trust Co. and head of Principal Custody Solutions. “Our added capabilities will allow us to provide even more services to clients to ensure they can protect, build and access their assets.”

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