NU Online News Service, Nov. 11, 2003, 4:42 p.m. EST – The retirement services unit of Great-West Life & Annuity Insurance Company, Denver, has agreed to acquire Wells Fargo Retirement Plan Services Inc., Glendale, Wis., from Wells Fargo & Company, San Francisco.
Wells Fargo Retirement, a unit previously known as Emjay, provides retirement plan services for small and midsize retirement plans through outside brokers, registered investment advisors and other financial advisors.
Wells Fargo acquired Emjay in 1999, through the acquisition of Norwest Corp., Minneapolis. Wells Fargo is selling because it now wants to focus on providing retirement plan services for clients it gets directly, through relationships with consultants and in-house referrals, according to Wells Fargo.