Principal is incorporating capabilities from the Wells Fargo Institutional Retirement and Trust platform into its own proprietary recordkeeping system, which will serve Principal and transitioning Wells Fargo customers moving forward.
PCS and Aspire, both founded nearly two decades ago with the common goal of providing specialized services to investment fiduciaries, will join together to achieve the benefits of scale in an increasingly competitive marketplace.
An interest in consolidating wealth management and institutional businesses drove many advisory industry M&A deals in the second quarter.
On the 12 transactions tracked by Fidelity in April 2019, 11 involved registered investment advisers and one involved an independent broker/dealer.
The deal is for $45.00 per share in cash, for a total value of $3.02 billion.