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Appendix: Operational cutover dates

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Operational deadlines

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Action may be required of you by Feb. 18, 2022.

SWIFT

  • By close of business, update BIC codes to Principal® Custody Solutions BBHCUS3IPTS.

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Action may be required of you by Feb. 22, 2022.

Money Movement
  • Begin using new wire and ACH instructions for incoming payments.
  • Wires and ACH sent to Wells Fargo IRT after Feb. 25 will be returned to the sender for delivery to Principal® Custody Solutions.
  • Begin using the Principal® Custody Solutions delivery instructions for live checks.
Free Security Movement

  • Begin using the Principal® Custody Solutions delivery instructions for activity.

  • Free receives sent to Wells Fargo IRT on or after Feb. 22 will be returned to the sender for delivery to Principal® Custody Solutions.

Trade Directives and Investment Manager Inquiries

  • Begin using the Principal® Custody Solutions faxes and email addresses. (Watch for an email for these details and updated trade forms.)

TBAs

  • Begin using the SPTC wire instructions for anything with a settlement date on or after Feb. 22.

Vault/Depository Assets

  • For already executed trades, beginning with a trade settlement date of Feb. 22, begin using the Principal® Custody Solutions settlement instructions. 

  • Buys sent to Wells Fargo IRT with a settlement date on or after Feb. 22 will be returned to the sender for delivery to Principal® Custody Solutions.

  • Depository assets (DTC/Fed) to Principal Bank®.

  • Assets physically held in the vault will be moved and re-registered (if required).

  • Re-registration acknowledgment letter on assets registered under the owner’s name will need to be signed.

Proxy
  • Domestic proxies will be handled through Broadridge. If a notice was sent with a record date prior to Feb. 18, a notification won’t be resent.
  • Principal® Custody Solutions Proxy Team will handle global proxies. Notifications sent on or after Feb. 22 need to be returned to PFGPROXY@principal.com.
Term Loans
  • Loan data on accounts will be converted to Principal® Bank portfolio.
  • Begin using the Principal® Custody Solutions payment instructions.
Trade Directives
  • Begin using the Principal® Custody Solutions settlement instructions for trade directives, including cash margin balance, with a trade settlement date of Feb. 22 or after.

All assets held at transfer agent (Direct Registration) will be re-registered (if required).

Class actions
  • Class actions filed at Wells Fargo prior to Feb. 18 will continue to be serviced by Wells Fargo and will be posted to the account by Principal® Custody Solutions as the payments come in.
  • After Feb. 22, class actions filed will be posted to the account monthly once payments are disbursed from the action.
Corporate actions

  • Notices sent by Wells Fargo with an expiration date after Feb. 18, but on or prior to Feb. 25, won’t be resent. Elections for these events should be sent to Principal® Custody Solutions at corpactresponses@principal.com.

  • Notices sent by Wells Fargo with an expiration date after Feb. 25 will be resent.

The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment advice or tax advice. You should consult with appropriate counsel or other professionals on all matters pertaining to legal, tax, investment or accounting obligations and requirements.

 

Information provided is solely for illustrative purposes only and the actual terms of the services are governed by the organization’s applicable service agreement(s).

 

Principal Financial Group closed the acquisition of certain assets of the Wells Fargo Institutional Retirement and Trust business (IRT) on July 1, 2019. During the transition period, Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company, will continue to operate and service the IRT business for the benefit of Principal®, including providing recordkeeping, trustee, and/or custody services.

 

Wells Fargo has not reviewed the content of the attached material and makes no judgment of its accuracy.

 

Investment and Insurance products are:

  • Not Insured by the FDIC or Any Federal Government Agency
  • Not a Deposit or Other Obligation of, or Guaranteed by, Principal Bank or Any Bank Affiliate
  • Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

 

1859445-102021 | 02/2022

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Principal Global Advisors is a specialized investment management group within Principal Global Investors. Principal Global Investors leads global asset management at Principal®.

 

Custody and trust services are provided by Principal Bank®, Member FDIC, and/or Principal Trust Company®. These services are provided under the trade name Principal® Custody Solutions, a division of Principal Bank. Principal Trust Company is a trade name of Delaware Charter Guarantee & Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group®, Des Moines, Iowa 50392.

 

When Principal Custody Solutions is providing investment management services, Principal Custody Solutions serves as the investment manager or discretionary trustee but leverages the investment expertise of Principal Global Advisors. Customers may also contract directly with Principal Global Advisors for investment management services. In those instances, Principal Custody Solutions serves solely in a custodial or trustee capacity. Please refer to your underlying service agreements for details.

 

Wells Fargo Bank, N.A., SEI Investments Company (“SEI”), Clearwater Analytics, FedEx Corporation, The Bank of New York Mellon, Depository Trust & Clearing Corporation (“DTCC”), FIS, SWIFT, PricewaterhouseCoopers (“PwC”), Ernst & Young, and KPMG are not affiliates of any company of the Principal Financial Group®.

 

Principal Global Investors, Principal Bank, and Principal Trust Company are members of the Principal Financial Group®, Des Moines, Iowa 50392. Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

 

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