Des Moines-based Principal Financial Group is buying the institutional retirement and trust business of Wells Fargo and Company in a deal valued at one-point-two billion dollars. Principal’s President and CEO Dan Houston says the transaction makes financial sense for his company.
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Houston says retirement management is at the heart of his company’s business and is the core of its future.
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More than two-thirds of Wells Fargo’s current corporate retirement assets are held by mid-sized employers. The deal is expected to close during the third quarter of fiscal year 2019.