The huge 401(k) news long-awaited by the whole industry is finally here. On Tuesday morning, the Principal Financial Group
a deal to buy Wells Fargo's
institutional retirement and trust (IRT) division for up to $1.35 billion; the deal would create a recordkeeper with more than $500 billion in assets for 7.5 million participants across 56,000 plans. Renee Schaaf
, head of Principal's retirement and income solutions (RIS) division, talked to 401kWire
about the pending deal.
Another big recordkeeper that's part of a different publicly traded multinational is reorganizing
, bringing familiar faces back to the retirement plan business.
M&A continues on the advisor side of the 401(k) business. Two giant 401(k) plan advisor (KPA) RIAs, one in Chicago
and the other outside Philadelphia
, are selling to larger, non-KPA firms. A third big KPA team in Atlanta
is changing shops. All three teams have more than $10 billion in retirement plan AUA each.
, a longtime recordkeeping chief, has returned
to the 401(k) business, but not with a recordkeeper.
Some big financial services firms, including venture capital affiliates of several DC I-O players, participated
in a $30-million series B round for an advisor-focused 401(k) fintech startup. And an ex Charles Schwab
retirement exec joined Russell Investments
Earlier this week, KPAs and other industry insiders (official estimates top 2,500) gathered
in Las Vegas for the year's biggest 401(k) industry conference, the 2019 NAPA 401(k) Summit
As always, this edition of MFWire's Fundster 401k Roundup
column is powered by our DC-focused sister publication, 401kWire
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