OneDigital expanded its retirement practice at the end of the first quarter by purchasing Huntington National Bank’s 401(k) advisory and retirement plan servicing business.
OneDigital Investment Advisors, a wholly owned subsidiary of financial services giant OneDigital, announced Tuesday that it has acquired Huntington National Bank’s advisory and retirement plan servicing business in a transaction that closed March 31. According to OneDigital, the deal will add more than $5.6 billion in retirement plan AUM, representing over one million participants and 41,000 individual accounts across 11 states.
The terms of the deal were not disclosed.
“We are excited to welcome the retirement plan employees from Huntington to the OneDigital Family and look forward to supporting the team in their continued service of our clients. We will continue to expand our capabilities for these plan sponsors, enhance our financial wellness and advice offerings and accelerate our value creation for all our stakeholders,” Vincent Morris, president of retirement and wealth at OneDigital, said in a statement.
The Huntington buy is the most recent in a series of retirement and wealth acquisitions by OneDigital. In March, the purchase of Arizona-based The Clear Group and 401K Resources expanded OneDigital’s presence in the Southwest.
"Huntington is strengthening our commitment to this business when many of our competitors are walking away. We started this journey the middle of last year with a goal to strategically partner with a company that shares Huntington’s vision to provide retirement plan solutions that create value for our clients by keeping them at the center of all we do, and we found that with OneDigital,” Michael Robinson, executive vice president and director of wealth management at Huntington, said in the statement.
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