MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, March 19, 2001 PennRock Goes National Victims to the shrinking profit trends squeezing the industry, PennRock Financial Services has acquired the National Advisory Group in an attempt to wedge open new revenue. The merger brings Blue Ball, Pennsylvania-based PennRock the capacity to offer funds, brokerage services, 401(k) plan administration, and even actuarial services externally, while internally moving into place a new cross-selling partner for its banking services. The Dresher Funds, National Advisory Group's two no-load fund of funds, will add approximately $100 million in assets under management to the $280 million already managed by the holding company's financial services division. Additionally, National Shareholder Services, a division of National Advisory Group, provides shareholder, administrative and transfer agency services. The merger will add about 500 plan sponsors to PennRock, bringing the total to approximately 575. National Advisory Group, headquartered in Dresher, Pennsylvania, will continue to operate in its current location as a subsidiary of PennRock under the management of newly-installed president Michael Peuler. Peuler, formerly the senior vice president of financial services, expects the National Advisory Group to be accretive in the first year. PennRock expects to expand the staff, but Peuler declined to comment on specifics. Printed from: MFWire.com/story.asp?s=26651 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |