The Fundster 401k Roundup, March 30-April 12
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Friday, April 12, 2019

The Fundster 401k Roundup, March 30-April 12

The huge 401(k) news long-awaited by the whole industry is finally here. On Tuesday morning, the Principal Financial Group team unveiled 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.

Bill Yoerger, 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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