WACHOVIA BUYS AMERIPRISE RECORD-KEEPING UNIT: Banking group Wachovia Corp. will acquire the defined-contribution record-keeping business of Ameriprise Financial Inc. Terms of the deal, which is subject to federal approval, were not disclosed.The Ameriprise unit provided record-keeping and plan administration services to 225 defined-contribution retirement plans at the end of March - covering nearly 700,000 participants and administering about $28 billion in assets.
Ameriprise said that the sale was part of its strategy to focus on personal financial advisory, asset accumulation, income and protection services. The company will continue to provide investment management products and services, workplace financial education, and IRA rollover services to defined-contribution plans and retirement plan clients. Ameriprise's Financial Education and Planning Services will continue to provide workplace financial education to its more than 600 corporate clients, some of which are record-keeping clients.
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