"Given the US defined-contribution market's abundance of competitors, pricing pressure, and the IT-intensive nature of the business, it is no surprise it has gradually consolidated over the past decade ... [S]trategic acquisitions in the record-keeping space have not delivered their full potential and the economics fall short of pre-deal models.... [P]otential buyers should have a clear understanding of what is required to be successful and leverage a highly tailored approach to the M&A process, recognizing the uniqueness of the industry."

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