This week, the big 401(k) topic of discussion is word that a different bidder, another bundled provider, is now in the lead
when it comes to trying to buy Wells Fargo's
institutional retirement and trust (IRT) business. The rumored price tag on the deal continues to be upwards of $1 billion.
| Joseph Francis Ready|
Wells Fargo Institutional Retirement and Trust
Executive Vice President
Among asset managers, the DC I-O (defined contribution investment-only) team at TIAA's Nuveen
a new tool to help 401(k) plan advisors (KPAs) educate retirement plan sponsors.
On the KPA side of the business, two big aggregators — private equity-backed insurance brokerage Hub
and publicly traded super-regional broker-dealer Raymond James
— recently hired senior DC industry veterans for key jobs. Meanwhile, the giant recordkeeper Empower
is teaming up
with KPA shops who want to customize managed accounts, potentially changing the dynamic for DC I-Os looking to gain placement for their products inside of such accounts.
As always, this edition of MFWire's Fundster 401k Roundup
column is powered by our DC-focused sister publication, 401kWire
. Check out the links for a deeper dive into the latest 401(k) news!
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