Products March 9, 2011

Wells Fargo Completes Retirement System Conversion

Wells Fargo’s Institutional Retirement and Trust business has successfully completed all phases of its retirement systems conversion.
Reported by

The final phase of conversion occurred in late February, resulting in the transition of 1,031 employer-sponsored retirement plans with 2.9 million eligible employee participants (819,000 with active balances) and $35 billion in retirement assets to the WySTAR recordkeeping platform.  WySTAR is Wells Fargo’s proprietary, 401(k) recordkeeping system.   

The announcement said Wells Fargo’s institutional retirement business had 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 retirement business.   

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

The Wells Fargo institutional retirement business currently services 7,440 retirement plans for companies and reached 3.5 million employees participating in employer-sponsored retirement plans with its retirement education programs in 2010.

Deals & People March 9, 2011

UBS Creates Executive Position for DC Market

Steven Moen joins UBS in the newly created position of Executive Director of Defined Contribution and Retirement Solutions Group.
Reported by

Moen is responsible for marketing UBS Global Asset Management’s investment strategies and retirement income solutions to the large defined contribution (DC) plan market. He reports to Drew Carrington, Managing Director and Head of Defined Contribution and Retirement Solutions, and is based in Chicago. 

According to the announcement, Moen joins UBS with over 20 years of experience providing asset management and retirement solutions to large DC plan sponsors. Most recently, he served as a Vice President for Institutional Sales at Genworth Financial, where he was responsible for US large market direct sales of Genworth’s institutional guaranteed retirement income solutions. Moen was also National Sales Manager for Ameriprise Retirement Services (formerly American Express Retirement Services).  

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

Moen is a graduate of the Carlson School of Management at the University of Minnesota, where he earned a bachelor of science in business and MBA degrees.

«