to another edition of MFWire's Fundster 401k Roundup
, a column to help fundsters keep track of the DC I-O (defined contribution investment-only).
The big 401(k) industry news this week is that private equity-backed Newport Group
, an acquisitive recordkeeper based in Walnut Creek, California, has agreed to buy
a bank's $17-billion AUA retirement plan recordkeeping business. There's no official word yet on timing or pricing for the deal.
On the asset manager side of the business, the teams at ICMA-RC
both recently welcomed new DC team members. Meanwhile, a collective trust specialist revamped
its longstanding partnership with BlackRock
Aggregators of 401(k) plan advisors (KPAs) continue to expand, too. Both GRP Financial
(an LPL-affiliated RIA and super-OSJ) and Hub
(an acquisitive insurance brokerage) recently welcomed new KPA teams to their ranks.
This column is powered by our DC-focused sister publication, 401kWire
, so be sure to check out the links for a deeper dive into the latest 401(k) news!
Neil Anderson, Managing Editor
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