The University of Notre Dame and Vanderbilt University and Medical Center have made Fidelity Investments their exclusive retirement savings provider.
The fund company played a previous role with both institutions as one of several retirement plan vendors.
Also, the Arizona Board of Agents, the governing body for the state's public universities, announced this week it has chosen Fidelity to provide investment and record keeping services for its voluntary plan, which will allow nearly 80,000 university employees to save above and beyond mandatory retirement contributions.
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Notre Dame's decision to consolidate all of its plan's assets with the company means Fidelity will now oversee $1.3 billion in assets, extending a relationship that began in 1992.
"Fidelity's commitment to understanding our needs and delivering solutions that better engage faculty and staff with financial planning was a clear differentiator that helped drive our decision," Denise Murphy, director of benefits and wellness for the school, said.
In the case of Vanderbilt, Fidelity was previously one of four providers serving the institution's $3.4 billion retirement plan and 24,000 participants, beginning its relationship there in 1998.
The moves are part of a larger consolidation trend in the higher education marketplace, according to Rick Mitchell, VP of Fidelity's Tax-Exempt Market.
"The higher education marketplace continues to see retirement plan consolidation as employers strive to simplify administration, improve the employee planning experience and drive better retirement savings outcomes," he said.
Fidelity's Tax-Exempt Market division serves more participants in the not-for-profit space than any other provider, according to a statement from the company.
As of the end of January, the company managed $2 trillion in assets across all industries and investment sectors.
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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.
