Washington Mutual Inc. has completed the sale of its mutual fund business, WM Advisors Inc., the investment manager of WM Group of Funds, to Principal Financial Group of Des Moines.
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The Seattle thrift company said Wednesday that it sold the capital stock of WM Advisors and its subsidiaries on Dec. 31 and said it will provide more information about the deal when it releases fourth-quarter earnings.
Washington Mutual and its subsidiaries had $348.88 billion of assets on Sept. 30.
When Principal announced the deal, in July, it said it would pay $740 million in cash for WM Advisors' capital stock. The fund unit had $26.4 billion of assets under management at that time.
