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Press Release Ascensus and Newport Group to Combine and Create a Leading Provider in Tax-Advantaged Savings |
Issued by Ascensus Nov. 3, 2021 |
DRESHER, Pa., -- Ascensus, whose technology and expertise help millions of people save for retirement, education, and healthcare, announced that it has entered into a definitive agreement under which Newport Group (Newport), the Walnut Creek, California-based retirement services provider, will merge with Ascensus. The newly combined organization will offer a broader set of capabilities and products to benefit institutional partners, clients, advisors, and savers. With industry-leading qualified and non-qualified retirement plan services, fiduciary consulting services, and corporate and bank-owned life insurance practices, Newport will expand the solutions and expertise Ascensus provides to its clients and advisor partners. Similarly, Newport's clients will benefit from greater access to unique tax-advantaged savings solutions across retirement, education, and health provided by Ascensus. In addition, the companies' respective investments in technology, digital capabilities, and analytics will deliver enhanced value to clients, expand client relationships, and create better outcomes for savers. David Musto, president and chief executive officer (CEO) of Ascensus, will serve as CEO of the combined company. Greg Tschider, who led Newport's successful growth strategy, has stepped down as CEO of Newport. To ensure continuity of leadership, operations, and client service through closing, Laura Ramanis—who has served as Newport's chief operating officer since 2014—has been named interim CEO. She will be supported by Kurt Laning, executive vice president, Non-Qualified and Insurance Solutions, along with Newport's senior management team. Ramanis and Laning will join the Ascensus executive leadership team and remain with the unified company post-closing. "Ascensus and Newport are both respected leaders in the marketplace—and well-known for service excellence, deep expertise, investment independence, and purpose-built technology," said Musto. "We expect the service platform investment, product expansion, and enhanced capabilities our union will deliver to be well-received by our collective clients. As a combined company, we'll be able to even further advance our mission of helping individuals save for what matters." Musto added, "I want to commend Greg Tschider and his team for their leadership and success in building a strong, highly respected, and winning company in our industry." "This is a tremendous opportunity for our two companies and our people," said Ramanis. "Our union confirms the hard work of our dedicated employees and partners. Joining with Ascensus provides additional resources to continue the expansion of services, and I am excited to see the new ways that our combined associate teams will work together for our clients." Noting the significant opportunities to capitalize on the strengths of both companies, Musto said, "Ultimately, the talent and extensive experience of our organizations are the most valuable assets our companies bring to this combination. As one company, we'll deliver so much more than the sum of our capabilities—and set a new performance standard for service excellence and client satisfaction in the markets we serve. We look forward to working with Laura Ramanis and her leadership team to unify our organizations in the months ahead and are eager to be operating as one team by next spring." Strategically Compelling Combination Market Strengths
Client, Partner, and Saver Benefits
Associate Benefits
The transaction is expected to close in the first quarter of 2022, subject to receipt of regulatory approvals, including review and non-objection by the South Dakota Division of Banking and review and approval by the New Hampshire Banking Department, and satisfaction of other customary closing conditions. Evercore acted as exclusive financial advisor to Newport in connection with the transaction. Committed financing for the transaction has been provided by Goldman Sachs Bank USA, SPC Financing Company LLC, and KKR Capital Markets LLC. About Ascensus About Newport 1 As of June 30, 2021. |
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