Newport Group Completes Acquisition of Vested Interest DC Recordkeeping Business of PNC Bank
May 6, 2019
Walnut Creek, CA—May 6, 2019—Newport Group, a leading independent retirement services provider, announced today that it has completed its acquisition of the Vested Interest® defined contribution plan recordkeeping business of PNC Bank. Terms of the transaction were not disclosed.
The business, along with a team of 140 retirement professionals, will now operate as part of Newport Group. The team, many of whom work in Pittsburgh, service nearly 1,000 retirement plans with 290,000 participants, representing $17 billion in retirement assets under administration.
“We are excited to welcome this talented group of employees to our organization, along with the clients that they will continue to support,” said Chief Executive Officer Greg Tschider. “This is a significant development for our company. The addition of this business further strengthens our position in the industry as a leading independent provider of retirement services.”
About Newport Group
Headquartered in Walnut Creek, California, Newport Group is a leading independent retirement services firm that helps employers – and the advisors who serve them – prepare employees for a more financially secure retirement. The company has more than $100 billion in retirement assets under administration and more than $250 billion in corporate retirement and insurance assets. Newport Group maintains investment objectivity, fee transparency and a commitment to flexible, responsive service. Staffed by an exceptional team of more than 1,250 retirement, insurance and consulting professionals, the company provides retirement solutions tailored to the needs of employers of every size, from small businesses to the Fortune 1000.