CHARLOTTE, NC - February 23, 2011
Wells Fargo’s Institutional Retirement and Trust (IRT) business, the nation’s sixth largest retirement plan provider, had extremely strong sales growth in the defined contribution market in 2010, adding more than $5.6 billion in retirement plan assets and 287 new, employer-sponsored retirement plans to the firm’s book of business. A total of 387,000 employees at companies across the country became participants in a Wells Fargo-administered 401 (k) plan in 2010, a year that marked the strongest sales results in 20 years for the institutional business.
By the end of 2010, the Wells Fargo Institutional Retirement and Trust business – part of the Wealth, Brokerage and Retirement division of Wells Fargo – administered 7,440 retirement plans for U.S. companies and provided 401(k) services to 3.5 million employees.
“We are really proud of our results in 2010. Our distinctive brand, scope of services, and laser focus on helping participants get on track for a financially secure retirement is resonating with prospective clients, and the results are clear in our numbers,” said Laurie Nordquist, Director of Wells Fargo Institutional Retirement and Trust.
The growth of the Institutional Retirement and Trust business comes during a year in which 729 plans, $37.5 billion in assets and over 1 million employees were converted to a single platform as Wells Fargo merged its legacy institutional retirement business with Wachovia.
Providing our retirement plan sponsors and their participating employees with the highest level of service remains our number one priority. The fact that we grew our business during a period of complex waves of merger integration demonstrates that priority, and I think the momentum of our growth is just beginning as we continue to enhance what we believe is one of the best product and service platforms in the industry.” said Joe Ready, Director of Institutional Retirement and Trust.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.