Truist Financial Corp. said Wednesday it has sold its institutional 401(k) investment advisory services business to OneDigital Investment Advisors. The sale was closed Dec. 31.
It also has agreed to sell its institutional 1(k) recordkeeping businesses to Ascensus and Empower Retirement. The deal is expected to close in the first quarter.
Investment advisory services for 1,200 plans, representing $10 billion in plan assets, have been transferred to OneDigital.
Ascensus will acquire the heritage BB&T 401(k) recordkeeping business which includes more than 1,200 retirement plans, consisting of 125,000 plan participants and $5 billion in assets.
Empower will acquire the heritage SunTrust 401(k) recordkeeping business which includes 300 retirement plans, consisting of 73,000 plan participants and $5 billion in plan assets.
The terms of the three transactions were not disclosed.