Retirement Record-Keeping Unit Being Sold

Accounting Technology, July, 2006

Wachovia is buying the retirement record-keeping business of financial planning company Ameriprise Financial. Terms of the deal were not disclosed. The acquisition will bring Wachovia's retirement services unit to more than two million participants and pensioners with over $100 billion in assets.

The Ameriprise division, which handles record-keeping for 225 retirement plans with about $28 million in assets, will be folded into Wachovia's retirement services unit. Ameriprise says that it will continue to provide investment management products and services, workplace financial education, and IRA rollover services for retirement plans and participants. (c) 2006 Accounting Technology and SourceMedia, Inc. All Rights Reserved.