Wells Fargo has bought LaSalle Bank’s employee benefit trust business. The acquisition is expected to include approximately 350 employee benefit plans with $12.4 billion in assets. Wells Fargo Bank’s Institutional Trust Services will provide core custodial services to these clients, as well as certain investment management solutions and online services via Wells Fargo’s Commercial Electronic Office business portal. Terms of the agreement were not disclosed. The acquisition is expected to be completed by the end of next month.
“Growing our trust and investment-related business is part of Wells Fargo’s number one strategic initiative, and this acquisition shows our commitment to grow this business not just organically but through disciplined acquisitions,” says Laurie Nordquist, head of Wells Fargo Institutional Trust Services. “We look forward to providing ‘world-class’ service to these new clients, offering them a greater array of investment and financial solutions. Our experience with acquisitions can provide comfort to these clients that we will strive to provide as seamless a transition as possible.”
“We greatly valued our relationships with our former employee benefit client base and would like to thank them for their business,” said Marianne Bamonte, senior vice president of LaSalle Bank’s Institutional Custody Services group. “We’re confident that this transition to Wells Fargo will be managed smoothly by the new provider and that the company’s products and services will be well-received by its client base.”
Wells Fargo plans to hire many of the client service staff who serve these clients at LaSalle Bank. “We recognize the value of retaining the knowledge, experience and relationships that have been developed over the years and are pleased to add these talented professionals to our team,” said Nordquist.