Company News

Newport to Strengthen Huntington Partnership, Acquire Its Retirement Recordkeeping/Admin Business

May 21, 2020

Walnut Creek, CA – May 21, 2020 – Newport, a leading provider of retirement plan services, announced today that it has entered into an agreement with Huntington National Bank to assume its retirement recordkeeping and administration business. Huntington will continue to serve as plan advisor for its retirement plan services clients.

Upon closing, and subject to customary conditions, the business—which currently provides recordkeeping and administration services to more than 600 plans with approximately $1.7 billion of assets under administration—will operate as part of Newport. The transaction includes Huntington’s third-party administration (TPA) business, and a team of Huntington employees, who provide these services, will join Newport.

Newport and Huntington have a long-standing strategic partnership, which this transaction will further strengthen. 

“With Huntington, we have a partner who shares our values and our commitment to providing the best possible support to clients and their retirement plan participants,” said Newport Chief Executive Officer Greg Tschider. “We look forward to introducing our company to Huntington’s clients and welcoming our newest employees to the Newport team.” 

About Newport
Headquartered in Walnut Creek, California, Newport is a leading independent retirement services provider that helps employers—and the advisors who serve them—prepare employees for a more financially secure retirement. The company has more than $120 billion in retirement assets under administration and more than $265 billion in corporate retirement and insurance assets. Newport maintains investment objectivity, fee transparency and a commitment to flexible, responsive service. Staffed by an exceptional team of more than 1,350 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.  
  
 

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Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. Fiduciary consulting services are provided through Newport Group Securities, Inc., an SEC-registered investment adviser and FINRA-registered broker-dealer, and InterServ, LLC, an SEC-registered investment adviser. Newport Group Securities, Inc. and InterServ, LLC are affiliates of Newport Group, Inc. All securities transactions are provided through Newport Group Securities, Inc., in its role as broker-dealer. All fiduciary consulting services are provided through the registered investment adviser. when offering variable insurance products, Newport Group Securities, Inc. acts solely in its capacity as a broker-dealer.
Trust and custody services provided by Newport Trust Company, a New Hampshire state chartered trust company and wholly owned subsidiary of Newport Group, Inc.