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. (“NGI”), an Ascensus Company, and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services.

Securities are offered through Ascensus Broker Dealer Services, LLC (“ABDS”), member FINRA/SIPC. Securities in California are offered under the d/b/a Ascensus Corporate Insurance Solutions. Other insurance products may be offered by NGI. For more information, please visit - www.ascensus.com

Investment Advisory and fiduciary consulting services are offered through Newport Group Consulting, LLC, an SEC registered investment adviser and subsidiary of NGI. For more information about Newport Group Consulting and its services, please visit newportgroup.com or refer to our Form ADV Part 2, which is available by contacting us at 407-333-2905 or adviserinfo.sec.gov.

Newport Trust Company is a New Hampshire state-chartered trust company and wholly owned subsidiary of NGI. Newport Trust Company provides independent fiduciary and trustee services for employee benefit plans.

The views expressed herein are those of NGI and are current only through the date indicated. These views are subject to change at any time based upon market or other conditions, and NGI disclaims any responsibility to revise these materials to reflect updated views. These views may not be relied upon as investment advice and, because investment decisions for NGI are based on many factors, may not be relied upon as an indication of trading intent.