Newport to Strengthen Huntington Partnership, Acquire Its Recordkeeping and Administration 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.”
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.