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Service continuity

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Topics of interest

Account governing documents
and Trust & Custody agreement

Custody invoices

Custom standing instructions

Client account number

The client account number(s) you currently use at Wells Fargo IRT will be the same account number you will use at Principal® Custody Solutions.
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Account governing documents and trust and custody agreement

Your existing account governing documents and trust & custody agreement will transfer to Principal® Custody Solutions due to the Service Continuity document that you previously executed with Wells Fargo IRT and Principal.
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Custody invoices

Your custody invoice will remain the same except for the use of the Principal® Custody Solutions logo, your relationship manager’s new phone number, and the required Principal® Custody Solutions disclosures. You may not see these changes on your custody invoice immediately upon migration.

Custom standing instructions

The current standing instructions you have in place with Wells Fargo IRT will transfer to Principal® Custody Solutions. You won’t need to provide new standing instructions.

Global markets/global asset tax servicing

(impacted clients only)

Current global market access will transition to Principal® Custody Solutions from Wells Fargo IRT. Documentation related to global markets won’t require re-papering. Global trade settlement instructions will be provided in the future. Tax servicing will require an annual renewal process and your relationship manager will coordinate this with you.
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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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