NPPG Acquires Managed Account Provider ProManage
The deal comes days after ProManage’s previous owner was purchased by a management company.
National Professional Planning Group Inc. is acquiring ProManage LLC, a managed account and financial wellness app provider. Based in Chicago, ProManage had $4.33 billion in assets under management, as of July 31.
According to a company announcement, ProManage will keep its leadership team and bring to NPPG its managed account platform, proprietary technology, financial wellness capabilities and “deep relationships with retirement plan sponsors and participants.” It will also expand NPPG’s retirement plan and pooled employer plan platforms.
Following the acquisition, NPPG, a retirement consulting, advisory and ERISA fiduciary services firm, will have more than $17 billion in retirement plan assets and serve more than 6,000 retirement plans and more than 500,000 participants.
“Joining NPPG brings together two organizations with a shared commitment to improving retirement outcomes through personalized portfolio allocation solutions,” said Tony Sabos, co-founder and CEO of ProManage, in a statement. “We believe ProManage’s managed account technology, investment expertise and retirement income capabilities are highly complementary.”
The terms of the transaction, which were reached on August 24, were not disclosed.
ProManage was previously owned since 2023 by Smart USA Co., which in turn was bought last week by Rival Companies LLC, a management company owned by Smart USA CEO Duane Bernt. Smart USA was previously owned by Smart Pension Ltd., a global savings and investments platform provider.