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Truist Announces Agreements to Provide its Institutional Retirement Small business

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Truist Announces Agreements to Provide its Institutional Retirement Small business
Truist Announces Agreements to Provide its Institutional Retirement Small business

CHARLOTTE, N.C., Jan. 6, 2021 /PRNewswire/ — Truist Financial Company (NYSE: TFC) nowadays announces it has bought its institutional 401(k) investment decision advisory expert services company to OneDigital Financial commitment Advisors (OneDigital), and that it has signed definitive agreements to provide its institutional 401(k) recordkeeping organizations to Ascensus and Empower Retirement (Empower). The OneDigital transaction closed Dec. 31, 2020 the Ascensus and Empower transactions are scheduled to shut in the initially quarter of 2021.

Underneath the conditions of the OneDigital settlement, expense advisory expert services for around 1,200 strategies, symbolizing $10 billion in system property, will now be delivered by OneDigital.

Ascensus will receive the heritage BB&T 401(k) recordkeeping small business which consists of far more than 1,200 retirement programs, consisting of approximately 125,000 prepare individuals and $5 billion in assets. Empower will receive the heritage SunTrust 401(k) recordkeeping enterprise which contains close to 300 retirement strategies, consisting of approximately 73,000 prepare participants and $5 billion in strategy property. The conditions of the 3 transactions ended up not disclosed.

“The institutional 401(k) business has experienced considerable consolidation, and Ascensus, Empower and OneDigital are nicely-positioned to provide scale and know-how for our prepare sponsor shoppers and their approach participants,” reported Joe Thompson, head of prosperity for Truist. “Truist will continue to target on progress opportunities and make strategic investments in our wealth management small business that advance our electronic capabilities and grow our workforce of advisors. The combination of technologies and contact permits us to establish dependable relationships with our customers as we husband or wife with them to achieve their best prospective.”

Alston & Fowl served as lawful counsel and Truist Securities served as financial advisor to Truist.

About Truist 
Truist Economic Corporation is a goal-pushed financial services firm fully commited to inspire and establish greater life and communities. With 275 yrs of put together BB&T and SunTrust heritage, Truist has leading market share in many substantial-development markets in the state. The corporation provides a wide variety of providers together with retail, smaller organization and commercial banking asset management money markets commercial actual estate company and institutional banking insurance policies mortgage payments specialized lending and wealth administration. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest business lender in the U.S. with complete property of $499 billion as of September 30, 2020. Truist Bank, Member FDIC. Understand much more at Truist.com.

Resource Truist Fiscal Corporation

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