Principal Financial Group has announced key additions to its Retirement & Income Solutions leadership teams from Wells Fargo Institutional Retirement & Trust. 

Principal in early April announced a $1.2 billion deal to acquire Wells Fargo’s Institutional Retirement & Trust business in a transaction that will double the size of Principal’s retirement business. 

“We are excited about the progress we are making toward closing this acquisition and thoughtfully integrating two very successful businesses and talented teams,” said Renee Schaaf, president of Retirement & Income Solutions with Principal. “The Wells Fargo IRT leaders who will join Principal have deep expertise, industry knowledge and proven experience that will support our ability to bring more solutions, choice and service to clients – no matter their size or complexity of needs.”

Among the key additions from Wells Fargo: 

  • Jon Graff, current director of participant services, will be responsible for administration and operations across Workplace Savings & Retirement Solutions.
  • Angie McDaniel, current lead for Business Solutions, will lead a new team at Principal, Business Planning and Solutions, for Workplace Savings & Retirement Solutions.
  • Brian Jirak, current director of Trust & Custody, will join the Income Solutions leader team and will have responsibility for trust, custody and pension services.

Joe Ready, current head of Wells Fargo IRT, is taking a new role as head of trust and chief fiduciary officer for Wells Fargo Wealth & Investment Management. Ready will remain connected to the integration of Principal and Wells Fargo IRT, supporting client and employee transitions.

“I am enthusiastic about the combination of Principal and Wells Fargo IRT and remain committed to supporting a successful acquisition and transition for our clients and employees,” said Ready.

Principal said it is “well-positioned” with Wells Fargo IRT to close the acquisition early in the third quarter, pending regulatory approval. Integration planning calls for a 12- to 18-month transition period following the close of the acquisitions.