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View More Press Releases by Newport Group

Press release:

Newport Group to Purchase PNC Bank's Vested Interest DC Recordkeeping Business

Issued by: Newport Group

Date: Mar. 14, 2019

Walnut Creek, CA--March 12, 2019--Newport Group, Inc. ("Newport Group") and PNC Bank, National Association ("PNC Bank") announced today that the two companies have entered into a definitive agreement by which Newport Group will purchase the Vested Interest® defined contribution plan recordkeeping business from PNC Bank. Terms of the transaction were not disclosed.

"PNC Bank is one of the largest and most-respected brands in the banking industry," said Newport Group Chief Executive Officer Greg Tschider. "This transaction is a strategic fit for our company. Our business is providing service to retirement plans of all sizes, and we look forward to supporting our newest clients and helping their employees reach their retirement goals."

Upon the closing of the transaction, subject to customary conditions, the business--which currently provides recordkeeping and administration services to plans with approximately $17 billion of assets under administration--will operate as part of Newport Group. PNC Bank employees supporting the Vested Interest defined contribution plan recordkeeping business will be joining Newport Group.

"Newport Group is a recognized leader in the retirement industry, known for providing best-in-class technical capabilities and superb client service for its defined contribution plan recordkeeping clients and their participants," said Alistair Jessiman, EVP and managing executive, PNC Institutional Asset Management®. "This transaction will allow PNC to focus on providing fiduciary investment advice to retirement clients, which is the core of our business--and value adds such as plan fiduciary education, employee education and financial wellness, plan benchmarking, and other retirement plan consulting--ideas and solutions that help our clients better run their retirement plans and their businesses."

View More Press Releases by Newport Group

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