NU Online News Service, Jan. 14, 2004, 5:41 p.m. EST – Wachovia Corp., Charlotte, N.C., says its retirement services unit has bought a unit of The Bank of New York Company Inc., New York, that provides bundled daily recordkeeping and trustee services for defined contribution plans.[@@]
The price of the deal and other terms were not available.
Wachovia now services more than 4,400 retirement plans with 1.3 million plan participants.
Wachovia notes that the newly acquired recordkeeping unit, which was part of Bank of New York’s employee investment plans division, already uses Wachovia’s own WySTAR recordkeeping system. Wachovia says it intends to beef up the acquired unit’s Web, cash management and call center systems.