News
December 16, 2004
CHICAGO, IL. - December 17, 2004 --ABN AMRO Asset Management and The Principal Financial Group (The Principal) today announced the strategic arrangement whereby The Principal intends to acquire the Chicago-based ABN AMRO Trust Services Company.
ABN AMRO Trust Services Company provides full-service defined contribution recordkeeping and investment services in the US , administering approximately 300 employer sponsored retirement plans.
ABN AMRO's decision to sell this business follows a strategic review, in which it was concluded that it does not provide a strong strategic fit with their overall asset management business going forward. The sale is in line with ABN AMRO's strategy to concentrate on its core activities.
"The acquisition of ABN AMRO Trust Services Company furthers our corporate strategy of accelerating the growth and profitability of our US asset accumulation businesses," said Larry D. Zimpleman, president, Retirement & Investor Services at The Principal.
Russell Campbell Chief Executive Officer of ABN AMRO Asset Management in North America, commented, "The Principal offers a strong match for our retirement services clients".
According to Zimpleman, "As a result of the sale of the business to The Principal, clients should expect continued, seamless operations and 'business as usual' from their existing Chicago based team," he said.
Completion is subject to the usual closing conditions and regulatory approvals, and is expected to close on December 31, 2004 . Financial details of the transaction will not be disclosed.
Preceding press release obtained from ABN AMOR at www.abnamro.com . Berkshire Capital has reprinted this press release substantially in its entirety.
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