Defined contribution industry insiders may have taken a second look at last week's announcement
by Marshall & Ilsey that it was splitting its Metavante technology services unit into a separate and independent business. Despite the familiarity of the Metavante name, however, the news does not directly relate to the 401(k) business, despite what has been reported elsewhere.
Those with a longer term memory will recall that Metavante exited the 401(k) business completely at the start of 2005 (see, "Metavante Sells Small Plan Biz
", January 3, 2005). That sale move Metavante's business to Great-West's Emjay Corp.
and to The Retirement Advantage
, third-party administrator based in Port Washington, Wisconsin.
Meanwhile, Marshall & Isley Trust has remained in the 401(k) business, primarily serving clients in the mid-sized market.
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