Wachovia Corp. announced Thursday that it had closed its purchase of Ameriprise Financial Inc.'s defined contribution record keeping business.
After adding Ameriprise's 225 retirement plans and 682,000 participants, along with $28.3 billion of assets, Wachovia said, its 401(k) record keeping division has 5,735 retirement plans, more than two million participants, and $102 billion of defined contribution assets.
Ameriprise said it expects the sale to be marginally accretive to its earnings per share. Neither the Minneapolis company nor the Charlotte banking company disclosed the May 4 deal's terms.
Though Ameriprise is quitting the record keeping business, it remains in personalized financial planning and will continue to offer a suite of investment management products and services, workplace financial education, and IRA rollover services to defined contribution plans and participants.
