Company News

Newport Completes Acquisition of Institutional Trust and Independent Fiduciary Business

Oct 19, 2017

Walnut Creek, CA—October 19, 2017— Newport Group, a leading provider of retirement, insurance and consulting services, announced today that it has completed its acquisition of Evercore Trust Company’s institutional trust and independent fiduciary business.
This business will now operate as part of Newport Trust Company and will offer retirement plan advisors and plan sponsors an expanded array of trustee and fiduciary services.
With this transaction, Newport Group is bringing approximately 30 trust and fiduciary professionals into its organization. They include ERISA lawyers, financial analysts, relationship managers, and support professionals. These employees are located in New York, Washington DC, and Los Angeles, and will maintain offices in these locations.
This team has served as an independent fiduciary to employee benefit plans sponsored by:*
  • 75% of the top 20 corporate plan sponsors in the Pensions & Investments 1,000
  • 50% of the companies comprising the Dow Jones Industrial Average
  • 25% of the corporations in the Fortune 500
The combined organization will now service more than $190 billion in corporate retirement and insurance assets.
“This business is a complementary addition to and strategic fit with Newport Group,” said Chief Executive Officer Greg Tschider. “We expect the acquisition to bring significant strategic benefits to the institutional trust and independent fiduciary business—including access to our deep expertise across all aspects of retirement plan services and our leading fiduciary consulting capabilities.
“Working together and building an expanded Newport Trust Company further strengthens our position as a leading provider of retirement, insurance and consulting services.”
* March 2017

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 $90 billion in retirement assets under administration and more than $190 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 1,000 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.