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 Wachovias corporate and institutional trust. "We will be able to leverage PFPC's core system competencies with our straight-through surround technology," he said.
Wachovia intends to market, service and support the third-party retirement outsource record-keeping business through a separate unit named WySTAR Global Retirement Solutions.
