Iowa-based financial investment management company Principal Financial Group wrapped up its previously announced acquisition of the Wells Fargo & Company Institutional Retirement & Trust business.

Principal Financial said that it will now start the integration of Wells Fargo’s defined contribution, defined benefit, employee stock ownership plans, executive deferred compensation, institutional trust and custody, and institutional asset advisory businesses.

Dan Houston – chairman, president and CEO of Principal Financial said: “With this acquisition, we are broadening our offerings and deepening our ability to serve customers with unmatched capabilities across retirement, asset management and protection solutions.

“As a top-three leader in the U.S. retirement industry, we will be well-positioned to invest and grow our business to the benefit of our customers, employees and shareholders.”

The acquisition enables Principal Financial to double the size of its US retirement business. It is also expected to bring on attractive institutional trust and custody products for the non-retirement market while growing the company’s discretionary asset management footprint.

Renee Schaaf – president of Retirement & Income Solutions at Principal Financial said: “Principal is committed to helping people live their best lives through our holistic financial solutions.

“Together with the Wells Fargo Institutional Retirement & Trust business, our customers can expect a powerful combination of passion, talent and expertise to help empower them to reach their financial goals.”

As of 31 December 2018, the respective Wells Fargo retirement businesses had $827 billion in assets under administration served by nearly 2,500 employees in locations in the US, India, and Philippines.

Principal Financial declared its intention to acquire Wells Fargo Institutional Retirement & Trust in April 2019.

  Dan Houston, Principal Financial, Renee Schaaf, USA, Wells Fargo