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Press Release

Vestwell Announces Plan to Acquire BNY Mellon's Sumday

Issued by Vestwell

Nov. 2, 2021

Acquisition Places Vestwell in Leading Position to Capture the Growing Market of State Savings Programs

NEW YORK, NY, November 2, 2021 - Vestwell, the fintech engine powering leading workplace savings programs, today announced the intent to acquire Sumday®, a subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”) that manages and administers 529 college savings, 529A ABLE, and Secure Choice/Auto-IRA state-sponsored savings programs. The terms of the deal were not disclosed.

BNY Mellon will act as the preferred servicing agent for the state programs managed by Vestwell, providing custody, fund accounting, and where applicable, sub-advisory services through its affiliate Lockwood Advisors, Inc. (an investment adviser registered in the U.S. under the Investment Advisers Act of 1940). Vestwell will continue to play an integral role as part of BNY Mellon’s investment portfolio of fintech companies to enable client growth strategies and better business outcomes.

Once the deal closes, Sumday will become a Vestwell subsidiary and will be rebranded Vestwell State Savings. Its technology, overall program management responsibilities and team will transition to Vestwell, led by Douglas Magnolia, who will assume the role of President, Vestwell State Savings.

“Adding Sumday under the Vestwell umbrella accelerates our mission to deliver workplace savings programs to all, while deepening our relationship with one of the most respected financial institutions in the world,” said Aaron Schumm, Founder and CEO of Vestwell. “BNY Mellon has been a strong supporter of Vestwell since our early days, and we are fully aligned in helping address the savings gap felt across the country, taking the initiative to help employers and savers reach their savings goals.”

“Since we began our relationship with Vestwell and invested in its growth in 2019, we have been consistently impressed with its focus and execution in the space. This deal helps Vestwell further scale the business,” said Roman Regelman, CEO of Asset Servicing and Head of Digital for BNY Mellon. “Clients will continue to leverage best-in-class solutions, seamless integration capabilities, and the safety and security offered through BNY Mellon’s open and modular platform, and have a modern technology-driven experience delivered by Vestwell.”

For more information, please visit: http://www.vestwell.com.

Vestwell is the engine powering modern-day workplace savings and investing programs. Our cloud-based digital recordkeeping platform provides the underlying architecture to support financial services and payroll partners, while bringing clients an easier, more flexible, and user-friendly experience delivered at a fraction of the cost. Learn more at http://www.vestwell.com and on Twitter @Vestwell.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Sept. 30, 2021, BNY Mellon had $45.3 trillion in assets under custody and/or administration, and $2.3 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on http://www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at http://www.bnymellon.com/newsroom for the latest company news.

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