Wachovia Bank, a subsidiary of Wells Fargo & Co., announced Tuesday that it has agreed to acquire Comerica Inc.'s proprietary defined contribution plan record keeping business.
The price of the deal, expected to close this quarter, was not disclosed. Wachovia would buy Comerica's proprietary retirement services business, which provides record keeping services to 250 retirement plans with nearly 100,000 participants and manages approximately $3.4 billion in assets. Wells Fargo's institutional retirement group serves 3.7 million employees and pensioners and manages more than $176 billion of assets.
