Wachovia Corp. agreed to acquire Ameriprise Financial's record keeping business, said Mark Folk, Wachovia spokesman. Terms were not disclosed. The Ameriprise business will become part of Wachovia Retirement Services, which will continue to be managed by Joe Ready, senior vice president. Ameriprise has 225 defined contribution plan clients with a combined $28 billion in assets, which would raise Wachovia Retirement Services' DC client assets to more than $100 billion.
The transaction is expected to close late in the second quarter.