Acquisition consolidates players in retirement record keeping

PCS Retirement, a Philadelphia, Pa.-based retirement record keeper, has acquired Aspire Financial Services, a record keeper based in Tampa, Fla. Terms of the acquisition were not disclosed. (More:​ Reducing the number of 401(k) record keeper partners poses a challenge for plan advisers) The combined organization provides record-keeping services to 16,000 plans and 750,000 eligible participants, representing more than $23 billion in assets under administration, PCS said in a release. Together, PCS and Aspire will serve thousands of plan sponsors, financial advisers, strategists and third-party administrators (TPAs) nationally. As part of this transaction, Aspire senior leadership will join the PCS management team. Mark Klein, CEO of PCS, will lead the combined organization.