Deals & People December 31, 2009

Prudential Completes Sale of Minority Interest in Wachovia

Prudential Financial, Inc., has completed the sale of its minority joint venture interest in Wachovia Securities Financial Holdings, LLC, including Wells Fargo Advisors, to Wells Fargo & Company, the company said.
Reported by

At the closing, Prudential received $4.5 billion in cash. In addition, Prudential said it received $418.4 million in payment of the principal and accrued interest on a subordinated promissory note that Wachovia Securities had issued in connection with the establishment of the joint venture.

The brokerage Wells Fargo Advisers in May changed its name from Wachovia Securities after Wachovia’s sale to Wells Fargo (see “Wachovia Changes Name to Wells Fargo Advisors”). 

Deals & People December 31, 2009

Tampa Recordkeeper Rebrands

Tampa, Florida-based 401k ASP has announced a name change, which the company said will better reflect its expanding product lineup.
Reported by

“We founded this company as an institutional application service provider [ASP],” said Pete Kirtland, president of 401k ASP, in an announcement. “However, because of the increase in the variety of the retirement plans the company services—and our growing market presence—we are rolling all the company’s functions into a single name that more accurately encompasses this diversity—ASPire Financial Services.”

The company will transition to its new name and brand on Friday.

Kirtland noted that the company provides an online platform for many types of retirement plans, including 401(k)s, 403(b)s, 457s, and IRAs, so the names ‘401k ASP and 403b ASP’ “no longer accurately reflect our many capabilities.”

According to the announcement, the company saw a 200% growth in recordkeeping assets in 2009 and more than doubled its staff. 

More information about the firm is available at 401kasp.net.

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