A news release said the deal does not involve a change of platforms, since WySTAR Global Retirement Solutions has provided administration and operation services as well as a call center for Comerica Bank plans since the fourth quarter of 2004. “Comerica Bank customers already use our recordkeeping platform so this transaction will be seamless.” said John Papadopulos, president of Retirement Services Group at Wells Fargo, in the news release
Comerica Bank’s retirement services business provides recordkeeping to 250 retirement plans with nearly 100,000 participants and manages approximately $3.4 billion in assets.
Wells Fargo’s Institutional Retirement group serves approximately 3.7 million employees and pensioners and more than 10,000 companies, and manages over $176 billion in assets.
While Comerica Bank will no longer offer Comerica RETIRE, its proprietary, self-branded defined contribution/401(k) product, Comerica Securities will continue to distribute third-party defined contribution and 401(k) products, the announcement said.
The transaction is expected to close in the second quarter.