Retirement plan service providers Ascensus and Newport Group are merging, with Ascensus as the surviving company.
David Musto, president and chief executive of Dresher, Pennsylvania-based Ascensus, will serve as CEO of the combined company. Greg Tschider has stepped down as CEO of Walnut Creek, California-based Newport, and Laura Ramanis, its chief operating officer, will serve as interim CEO until the close of the transaction, the terms of which were not disclosed.
Ramanis and Kurt Laning, Newport’s executive vice president, will join Ascensus post-closing, Ascensus said in a release.
Once the firms combine, Ascensus will administer more than $700 billion in assets for more than 150,000 retirement plans.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
