In an effort to increase the size, scale and reach of their respective businesses, plan services provider Verisight, and plan provider and consultant The Newport Group and Newport Securities will merge to form Newport Group Holdings.
Combined, Verisight and Newport provide retirement services to 900,000 participant accounts, totaling $100 billion in assets, according to a statement.
"This represents a long-term investment in the future of our respective businesses," said Greg Tshider, CEO of Verisight. Tshider will now serve as CEO of the qualified retirement plan services business.
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"By combining forces, we are dramatically raising our profile—and our competitiveness—in the executive benefits and retirement services marketplace," said Peter Cahall, CEO of Newport. He will remain as the CEO of the executive plan and investment consulting business.
As a service provider and recordkeeper, Verisight, based in Walnut Creek, Calif., specializes in the medical, financial, manufacturing and professional service industries. They service $34 billion in retirement assets, according to their website.
Florida-based Newport Group designs and administers retirement plans. They also serve as a recordkeeper and plan administrator for independent RIAs' sponsor clients.
In September, Great-West Financial completed its acquisition of JPMorgan Retirement Plan Service's large-market recordkeeping business.
That acquisition made Great-West the second largest provider in the defined contribution market, with more than $400 billion in retirement assets for nearly 7 million participants.
In June, OneAmerica Financial Partners acquired City National Bank's recordkeeping business.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
