Wachovia Corp. agreed to acquire the retirement-services recordkeeping and third-party servicing business of PFPC, a member of The PNC Financial Services Group.
The deal is expected to close by the end of the second quarter. Financial terms were not disclosed. Upon completion of the deal, the combined group will include Wachovia Retirement Services and PFPC Retirement Services and service more than 4,100 retirement plans with 1.3 million participants and pensioners. It will encompass $50 billion in assets under administration.
"We are committed to being a major provider in the retirement market, and this transaction represents the execution of one phase of our in-depth retirement strategy and will greatly enhance our operational effectiveness," said Darryl J. Fluhme, president of Wachovia's corporate and institutional trust.
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