| Joseph Francis Ready|
Head of Trust & Fiduciary Services, Chief Fiduciary Officer, Wealth & Investment Management (WIM)
Late last month, another open architecture recordkeeper bought
Tampa, Florida-based Aspire Financial Services
. Combined, the two shops have a team of 300 working with 16,000 plans, 750,000 eligible participants, and more than $23 billion in assets under administration.
On July 1, Principal closed
on its planned, ten-figure acquisition of Wells Fargo's
institutional retirement and trust (IRT) business, roughly doubling the size of Principal's U.S. retirement business. While some top IRT executives took on leadership roles within Principal's retirement and income solutions (RIS) unit after the deal closed, IRT chief Joe Ready
and at least one of his top lieutenants
stayed at Wells.
Two merging banks will put
their retirement plan under a new brand after the deal closes.
A new chief took over Nationwide's
retirement plans business last month, after the promotion
of John Carter
A Texas recordkeeper bought two recordkeepers, one in Ohio
and one in California
. The acquirer is still on the hunt
On January 1, a new CEO will succeed
chief Bob Guillocheau
, who will stay on as chairman.
A new chief recently took over Mutual of Omaha's
On Monday, Voya will launch
a joint venture that is expected to grow to more than 1,000 people over time.
DC I-O Dispatches
A trio of DC I-O national accounts executives left Invesco
after the OpFunds deal. One of them joined Franklin Templeton
A veteran ERISA legal eagle fundster died
last month at the age of 74.
DC I-O alumnus recently joined Pimco
Last month, after U.S. Secretary of Labor Alex Acosta resigned
, U.S. President Donald Trump revealed
his choice to replace Acosta.
Also last month, the folks at the Internal Revenue Service (IRS
a rule change to address the so-called "one bad apple" problem in multiple employer plans (MEPs).
Then last week, the Employee Benefits Security Administration (EBSA
) team at the Department of Labor (DoL
its new MEP rules, for association retirement plans (ARPs) and MEPs from PEOs. Though many DC industry insiders praised
the new rules, they're still eagerly waiting on followup moves by the DoL and Congress.
Sources familiar with the situation say that multiple potential bidders have been in talks
about potentially buying a certain 401(k) plan advisor (KPA) aggregator based in southern California.
On July 1, CBIZ bought
an RIA in Tennessee.
A Minnesota TPA is boosting its business by 50 percent by buying
another Minnesota TPA.
A big bank spun off
its 14-year-old, direct 401(k) business late last month. The business' management team led the buyout, and alumni of the bank also chipped in.
, parent of 401(k) trustodian Matrix
on its latest retirement plan industry acquisition.
retirement solutions team recently welcomed
back a top SunGard
A digital 401(k) startup recently raised
$15.4 million in its series B funding round.
As always, this edition of MFWire's Fundster 401k Roundup
column is powered by our DC-focused sister publication, 401kWire
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