The Principal Financial Group's acquisition of Wells Fargo's 401(k) recordkeeping unit for $1.2 billion could result in expansive growth of the former's footprint among larger retirement plans.
According to PlanSponsor's 2017 recordkeeping survey, Des Moines-based Principal administered about 52,600 plans in 2016. Nearly 90 percent of those plans, or about 47,200, had less than $5 million in assets.
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