ABN AMRO Asset Management has sold Chicago-based ABN AMRO Trust Services Company to The Principal Financial Group.
ABN AMRO Trust Services Company provides full-service defined contribution recordkeeping and investment services in the US, administering approximately 300 employer sponsored retirement plans.
ABN AMRO says its decision to sell the business follows a strategic review, in which it was concluded that it does not provide a strong strategic fit with their overall asset management business. The sale is also in line with ABN AMRO’s strategy to concentrate on its core activities.
“The acquisition of ABN AMRO Trust Services Company furthers our corporate strategy of accelerating the growth and profitability of our US asset accumulation businesses,” says Larry D. Zimpleman, president, Retirement & Investor Services at The Principal.
Russell Campbell Chief Executive Officer of ABN AMRO Asset Management in North America, says The Principal offers a “strong match for our retirement services clients.”
According to Zimpleman, clients of ABN Amro Trust Services Company can expect business to continue as usual during the ownership transition.
Completion is subject to the usual closing conditions and regulatory approvals, but the deal is expected to close on 31 December 2004.
Financial details of the transaction were not disclosed.