An announcement said the transaction furthers NIVM’s “strategic plan of acquiring best in class third-party retirement plan administration firms and books of business, and brings the total of plans under administration to around 11,000.” John Davis, president and chief operating officer of National Investment Managers Inc. said the firm, which has more than $10 billion of assets under administration, expects to close the transaction and begin servicing new clients by December 1.
He added that 80% of the clients are located near NIVM subsidiary offices.
“This sale reflects our commitment to remain tightly focused on our core business: providing exceptional service to our significant block of daily-valued public and private retirement plan clients,” said Aaron Howard, vice president of Plan Services for Standard Retirement Services, Inc., in the announcement.
NIVM is a holding company and a consolidator of pension plan administration, investment management, and insurance businesses. According to the company, each acquired business retains their autonomy while benefiting from the reach that a national presence offers.