Acquisition news

Ascensus Continues to Expand Retirement and Consumer-Directed Healthcare Capabilities with Agreement to Acquire Benefit Planning Consultants, Inc.

Solutions Provider Enhances Retirement and Benefit Plan Services Offering with Addition of Diversified TPA.

Dresher, PA—Ascensus, a technology-enabled solutions provider that helps more than 8 million Americans save for the future, has entered into an agreement to acquire Benefit Planning Consultants, Inc. (BPC). Headquartered in Champaign, IL, BPC is a diversified third-party administrator (TPA) that provides retirement and consumer-directed healthcare (CDH) solutions. The firm assists businesses with the design, implementation, and administration of retirement plan services (such as 401(k), 403(b), 457, money purchase, profit sharing and employee stock owner ship plans) and benefit plan services (such as flexible spending accounts, health reimbursement arrangements, health savings accounts, and COBRA).

BPC, which was founded in 1979, serves clients across the nation by providing comprehensive retirement and benefit administration solutions with unmatched customer service. Its business practices, culture, and community involvement have earned accolades from numerous industry and business organizations for service and excellence, including recognition for being one of the Best Places to Work in Illinois in 2013, 2015, 2016, and 2017. Most notably, BPC was among the first TPAs in the country to earn certification from the Centre for Fiduciary Excellence, LLC (CEFEX) for Retirement Plan Administration Service.

“BPC is a great fit for Ascensus from both business and cultural standpoints,” states David Musto, Ascensus’ president. “Designing benefit and retirement plans that meet the needs of companies and their employees while treating clients with the utmost care and respect is very much in line with our mission of helping Americans save for the future—BPC’s talented group of associates will no doubt be an outstanding addition to the Ascensus team.”

“At BPC, we’ve always said that we’re small enough to care and large enough to do the job right,” says Habeeb Habeeb, BPC’s president and chief executive officer. “We’ll continue to maintain that mentality as part of Ascensus, taking advantage of our combined resources so that we can continue to bring passion to our work while placing a high value on our relationships with clients and partners.”

“With BPC, we are excited by the prospect of adding a hybrid TPA that provides a combination of retirement and CDH/benefit continuation services along with a fantastic service delivery reputation,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “We are committed to aggressively growing our CDH and benefit continuation offerings; adding BPC right after our acquisition of Chard Snyder fits this strategy.”

“We will continue to execute on multiple paths to success by acquiring not only standalone retirement TPAs, but also retirement plus CDH/benefit continuation TPAs as we seek to leverage the ongoing consolidation in the health and wealth market segments,” concludes Nandagopal.

About Ascensus
Ascensus helps more than 8 million Americans save for the future—retirement, education, and healthcare—through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports over 54,000 retirement plans, more than 4 million 529 education savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. As of December 31, 2017, Ascensus had over $163 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.

View career opportunities at http://careers.ascensus.com/page/show/tpa and careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.


Ascensus Announces Agreement to Acquire Polycomp Administrative Services, Inc.

Dresher, PA – Ascensus, a technology-enabled solutions provider that helps more than 7 million Americans save for the future, has entered into an agreement to acquire Polycomp Administrative Services, Inc. (Polycomp). The retirement plan design and benefit plan administrative services firm will immediately become part of Ascensus’ retirement division.

Polycomp, which has offices throughout California in RosevilleWoodland Hills, and San Diego, provides client-specific solutions and services for self-directed IRAs, qualified plans, and prevailing wage trusts. Founded in 1974, the firm works with over 5,000 clients and administers approximately 1,500 plans. It is also home to dozens of credentialed associates who hold certifications from the American Society of Pension Professionals & Actuaries, the National Institute of Pension Administrators, and the Institute of Certified Bankers.

“Polycomp is nationally recognized as a leader in retirement plan consulting and administrative services,” states Shannon Kelly, Ascensus’ president of retirement. “The climate of mutual trust and purpose that they’ve created is attractive not only to its clients, but also to its associates—many of whom have been with the firm for more than 10 years. Ascensus gladly welcomes these new associates and the expertise they can share with our clients to help them prepare for the future.”

“Since Polycomp doesn’t sell or recommend investments to our clients, we can focus our efforts on client objectives and collaborating with other experts in the accounting, financial planning, and investment fields,” says Donna Harmon, Polycomp’s chief operating officer. “Becoming part of Ascensus and gaining access to all of its resources will allow us to continue to provide the highest level of expertise in retirement plan design and compliance administration.”

“The acquisition of Polycomp is an excellent proxy to our diversified growth strategy, as Polycomp’s solutions span not only our core retirement third-party administration markets, but also the self-directed IRA, trust administration, and compliance areas,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “In addition to these adjacencies, we continue to aggressively pursue acquisition opportunities in college solutions, health solutions, benefit administration, and other logical areas.”

 

About Ascensus

Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare— through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports approximately 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.6 million IRAs and health savings accounts. As of June 30, 2017, Ascensus had over $155 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.

View career opportunities at careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.


Ascensus Announces Acquisition of Retirement Plan Administrative Service, Ltd.

Addition of Retirement Administration Firm Expands Ascensus Consulting Business

Dresher, PAAscensus, a technology and solutions provider that helps more than 7 million Americans save for the future, has announced the acquisition of independently owned Retirement Plan Administrative Service, Ltd. (RPAS), an actuarial, consulting, and administrative services firm headquartered in Richmond, Virginia that specializes in qualified plan design, installation, government compliance, and administration.

RPAS, which will become a part of the Ascensus Consulting line of business, provides services that are designed to help plan sponsors maximize the value of their retirement plan. Established in 1981, the firm maintains the highest level of technical and quality control standards while emphasizing responsive and personalized service. Because RPAS is fully independent from investments, it can offer each of its clients a variety of service options based on an employer’s business needs and goals. In addition, the firm has a long history of administering Employee Stock Ownership Plans (ESOPs).

“RPAS is recognized as a premier administration firm for qualified retirement plans,” states Shannon Kelly, Ascensus’ president of retirement. “This acquisition is in line with our goal of aggressively expanding our Ascensus Consulting business as well as Ascensus overall. I’m pleased to welcome RPAS’ clients and associates to Ascensus Consulting and am excited to add ESOP services to our product offering.”

“Becoming part of Ascensus Consulting and gaining access to its resources will allow us to provide the best possible plan design and operation while remaining committed to personal service,” says Burl V. Bachman, president of RPAS. “Our clients can rest assured in the knowledge that we’ll continue to always act in their best interests and maintain loyal relationships that are based on trust and integrity.”
About Ascensus

Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare—through technology and service solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of banks, credit unions, states, governments, financial professionals, employers, and individuals. Ascensus supports approximately 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. For more information about Ascensus, visit www.ascensus.com.

View career opportunities at careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.


Ascensus Announces Completion of Kravitz, Inc. Acquisition

Firm Advances Growth Strategy While Enhancing Cash Balance Capabilities

 

Dresher, PA—Ascensus, a technology and service provider that helps more than 7 million Americans save for the future, announced that it has completed the acquisition of Kravitz, Inc. that was previously announced on June 6, 2017. As a result of the acquisition, Ascensus will serve approximately 50,000 retirement plans.

Kravitz, Inc. is a retirement administration firm and Cash Balance specialist focused on bringing its clients the latest in the design, administration, and management of corporate retirement plans. As part of the deal, Ascensus also acquired Kravitz Back Office Solutions, which delivers private-label actuarial services to third-party administrators across the country to help them grow and succeed with Cash Balance plans. Not included in the deal were Kravitz Investment Services, Inc., a registered investment advisor that supports Cash Balance investments, and the Payden/Kravitz Cash Balance Plan Fund, a mutual fund designed exclusively for Cash Balance retirement plans.

“The addition of Kravitz to the Ascensus family of companies represents a significant step for our growth strategy,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “We are aggressively pursuing acquisition opportunities not only in our core markets of retirement and college savings solutions, but also within natural adjacencies like health solutions, benefits administration, and other areas. This will help us to meet our goal of closing at least 8 to 10 new acquisitions per year for the foreseeable future.”

“Over the years, Kravitz has worked hard to build a reputation that has made their name synonymous with Cash Balance expertise,” states Shannon Kelly, Ascensus’ president of retirement. “Bringing this expertise into the fold—along with Kravitz’s dedicated team of associates—allows Ascensus to broaden our retirement offerings so that we can help even more Americans save for the future.”

 

About Ascensus

Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare—through technology and service solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of banks, credit unions, states, governments, financial professionals, employers, and individuals. Ascensus supports over 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. For more information about Ascensus, visit www.ascensus.com.

View career opportunities at careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.


Ascensus Announces Acquisition of Kravitz, Inc.

Addition of Cash Balance Market Leader Fuels Continued Company Growth

Dresher, PA — Ascensus, a service and technology provider that helps more than 7 million Americans save for the future, has announced the acquisition of independently owned Kravitz, Inc., a retirement administration firm and Cash Balance specialist focused on bringing its clients the latest in the design, administration, and management of corporate retirement plans. As part of the deal, Ascensus also acquired Kravitz Back Office Solutions, which delivers private-label actuarial services to third-party administrators across the country to help them grow and succeed with cash balance plans. Kravitz Investment Services, Inc., a registered investment advisor that supports cash balance investments, was not included in the deal.

Kravitz, founded in 1977, designed its first Cash Balance plan in 1989 and has since grown into the nation’s Cash Balance leader, helping more than 125,000 Americans retire with innovative, tax-efficient retirement plans. The firm offers extensive training, education, and support on Cash Balance plans to its clients and an extensive network of financial advisors and third-party administrator partners. It employs more than 85 individuals and services more than 1,400 clients with retirement plans. As a result of the acquisition, Ascensus will serve approximately 50,000 retirement plans. Kravitz will maintain its focus on Cash Balance plans, with Dan Kravitz continuing in a senior leadership role.

“Kravitz is renowned for its Cash Balance plan expertise, market leadership, and client focus—we’re excited for its team of actuaries and retirement plan professionals to join the Ascensus family,” states Shannon Kelly, Ascensus’ president of retirement. “Cash Balance plans are sophisticated and complex retirement plans that require a superior level of actuarial acumen; under Dan’s ongoing leadership, we anticipate extending our company’s growth into the mid-market segment.”

“The Kravitz team is looking forward to becoming part of Ascensus and continuing to help our clients save for a more secure retirement,” said Kravitz. “Our clients, employees, and industry partners can expect us to keep providing state-of-the-art plan design and expert administration while remaining dedicated to our values of innovation, accountability, and integrity.”

 

About Ascensus
Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare—through service and technology solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of banks, credit unions, states, governments, financial professionals, employers, and individuals. Ascensus supports over 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. For more information about Ascensus, visit www.ascensus.com.

View career opportunities at careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.


Raghav Nandagopal Discusses Ascensus’ Strategic Vision for the Future with PLANADVISER

In a recent PLANADVISER article, Raghav Nandagopal discusses Ascensus’ goal of building scale through organic growth and rapidly paced mergers and acquisitions. He notes that growth is essential to ensure that Ascensus can continue to invest in its service offerings and new technologies. Raghav also highlights the importance of culture to future development; “There is a real passion in our industry about putting the best culture forward and making sure folks inside the business really want to treat clients well, not just be successful,” he concludes.


Raghav Nandagopal Discusses Ascensus’ Corporate Growth Strategy

In a recent PLANADVISER article, EVP Raghav Nandagopal discusses Ascensus’ growth strategy and focus on acquiring the best technology possible. He notes that our firm is currently pursuing opportuntiies to expand in our core market segments and develop a stronger presence in the TPA space. Raghav also highlights the importance of pursuing new institutional partnerships, referencing the recent launch of the ClearFit product with Morgan Stanley.


Ascensus mentioned in 401kSpecialist

John Sullivan at 401kSpecialist highlighted some of our major accomplishments of 2016, such as acquisitions and company growth, and offered a preview of exciting things to come in 2017. The corporate website redesign was the first major accomplishment in 2017. “As we head into 2017 and continue to grow our organization, it’s imperative that we maintain our focus on the value that we provide to our clients in helping them save for retirement, college, and health care,” CEO and President Bob Guillocheau notes. “We listened hard to what our clients were asking of us with our upcoming digital initiatives—the new solutions are truly being built with our clients in mind.”


Ascensus Appoints Christian Fulmino as Vice President of Corporate Development and M&A

Fulmino joins leadership team to support corporate growth strategy

 

Ascensus, the nation’s largest independent retirement plan and college savings services provider, has appointed Christian Fulmino as vice president of corporate development and M&A.

 

As a core member of Ascensus’ new M&A team, Mr. Fulmino will be responsible for prioritizing M&A opportunities, evaluating the landscape of potential acquisitions, valuing and structuring deals, and conducting due diligence. Mr. Fulmino will report directly to Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A.

 

Mr. Nandagopal joined the firm in August 2016 to help Ascensus build upon its past acquisition success and strong organic growth. The firm has since seen measurable growth in its market share and resources, having completed the following acquisitions in 2016:

  • Retirement Educators
  • National Retirement Services
  • Matthews Benefit Group

 

Mr. Fulmino brings more than 15 years of corporate development, strategy, and M&A experience to his new role. Before joining Ascensus, he held the role of senior director of strategy and corporate development at Broadridge Financial Solutions. He served as a key member in closing strategic platform and technology acquisitions, lift-out strategies, and market expansion opportunities. He was also actively involved in annual and long-term strategic planning processes. Mr. Fulmino also worked on a number of Broadridge corporate initiatives, including industry utilities, block chain, and strategic investments in innovative, private companies.

 

Prior to Broadridge, Mr. Fulmino spent eight years at News Corporation, leading their inorganic growth strategy into Central and Eastern Europe. Mr. Fulmino holds a B.S. in Business Administration from Rider University and an M.B.A. from Cornell University.

 

“Christian brings a strong background in deal sourcing, structuring, and integrating acquisition transactions—including complex lift-and-shift deals—and has a demonstrated track record of working with business units in driving strategic deals,” states Nandagopal. “He is a great addition to our team and I look forward to his leadership and contributions in helping Ascensus accelerate our growth ambitions.”

 

About Ascensus

Ascensus is the largest independent retirement and college savings services provider in the United States, helping nearly 7 million Americans save for the future. With more than 35 years of experience, the firm partners with financial institutions to offer tailored solutions that meet the needs of financial professionals, employers, and individuals. Ascensus specializes in recordkeeping, administrative, and program management services, supporting over 47,000 retirement plans and over 3.8 million 529 college savings accounts. It also administers more than 1.5 million IRAs and health savings accounts and is home to one of the largest ERISA consulting teams in the country. For more information about Ascensus, visit www.ascensus.com.

 

View career opportunities at careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.


Ascensus Announces Acquisition of Matthews Benefit Group, Inc.

Addition of retirement administration firm continues Ascensus’ growth

 

Ascensus, the nation’s largest independent retirement and college savings services provider, has announced the acquisition of independently owned Matthews Benefit Group, Inc., a leading third-party administration firm that provides plan-level compliance, administration, and actuarial services.

 

Matthews Benefit Group is an independent actuarial consulting and benefits administration firm located in St. Petersburg, FL. The firm employs more than 25 individuals made up of both ERISA and actuarial specialists who support advisor-sold defined contribution and defined benefit plans for over 1,000 clients. As a result of the acquisition, Ascensus will serve over 47,000 retirement plans.

 

“Matthews Benefit Group’s clients, employees, and industry partners will benefit greatly from becoming a part of the Ascensus team,” said Eric Brust, chief executive officer of Matthews Benefit Group. “While our clients and partners will continue to receive personalized and thorough attention to their retirement plans, becoming a part of Ascensus will provide them with additional services and technological advantages that only a large national company can provide.”

 

“Matthews Benefit Group brings exceptional actuarial and plan administration expertise as well as a commitment to their clients’ success that aligns well with our mission and goals,” stated Shannon Kelly, Ascensus’ president of retirement. “We welcome their team to the Ascensus family and look forward to working together to drive Ascensus’ growth.”

 

About Ascensus

Ascensus is the largest independent retirement and college savings services provider in the United States, helping nearly 7 million Americans save for the future. With more than 35 years of experience, the firm partners with financial institutions to offer tailored solutions that meet the needs of financial professionals, employers, and individuals. Ascensus specializes in recordkeeping, administrative, and program management services, supporting over 47,000 retirement plans and over 3.8 million 529 college savings accounts. It also administers more than 1.5 million IRAs and health savings accounts and is home to one of the largest ERISA consulting teams in the country. For more information about Ascensus, visit www.ascensus.com.

 

View career opportunities at careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.