Newport Group has entered into a definitive agreement with PNC Bank to acquire its Vested Interest recordkeeping business. Terms of the deal were not disclosed.
“PNC Bank is one of the largest and most-respected brands in the banking industry,” says Greg Tschider, CEO of Newport Group. “This transaction is a strategic fit for our company. Our business is providing service to retirement plans of all sizes, and we look forward to supporting our newest clients and helping their employees reach their retirement goals.”
Upon closing of the transaction, Vested Interest, which has $17 billion of assets under administration, will operate as part of Newport Group and its employees will join Newport Group.
“Newport Group is a recognized leader in the retirement industry, known for providing best-in-class technical capabilities and superb client service for its defined contribution plan recordkeeping clients and their participants,” says Alistair Jessiman, EVP and managing executive at PNC Institutional Asset Management. “This transaction will allow PNC to focus on providing fiduciary investment advice to our retirement clients, which is the core of our business.”
Newport Group declined to comment on the acquisition and its meaning for plan sponsors or advisers.