A Des Moines, Iowa, insurer has agreed to acquire ABN AMRO Trust Services Company, Chicago.[@@]
ABN AMRO Trust helps run more than 300 401(k) plans with a total of about 121,000 plan participants and $3.6 billion in account value.
The acquirer, Principal Financial Group Inc., says it is making the deal to expand its asset-accumulation business.
The seller, ABN AMRO Holding N.V., Amsterdam, says it is selling because ABN AMRO Trust no longer fits well with its plans.