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.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
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