Company News

Newport Group Completes Acquisition of Vested Interest DC Recordkeeping Business of PNC Bank

May 06, 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 employersand the advisors who serve themprepare 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.

“Vested Interest” is a registered service mark of Newport Group, Inc.

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Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services.
Investment Advisory and fiduciary consulting services are offered through Newport Group Consulting, LLC, a registered investment adviser and wholly owned subsidiary of Newport Group, Inc.
Securities are offered through Newport Group Securities, Inc., a dually registered investment advisor and broker dealer, member FINRA and affiliate of Newport Group, Inc. Securities in California are offered under the Newport Securities Insurance Services. See BrokerCheck for more information. Other insurance products may be offered by Newport Group, Inc.
For more information about Newport Group Consulting and its services, please refer to our Form ADV Part 2A.
Newport Trust Company, is a New Hampshire state chartered trust company and wholly owned subsidiary of Newport Group, Inc. Newport Trust Company provides independent fiduciary and trustee services for employee benefit plans.