DRESHER, Pa., March 27, 2018 /PRNewswire/ -- Ascensus, a technology-enabled service provider that helps more than 7 million Americans save for the future, has entered into an agreement to acquire Avintus. The third-party administration (TPA) firm will immediately become part of Ascensus' TPA Solutions division.
Based in Nashville, Tennessee, Avintus provides retirement plan administration and 3(16) fiduciary services for defined contribution and cash balance plans to clients nationwide in the manufacturing, hospitality, construction, technology, non-profit and professional services industries. The firm, which was founded in 1976 and endeavors to ensure satisfaction via a Client Bill of Rights, works with financial advisors to design new plans or update existing plans that can help employers attract talent, build retirement savings, and meet business objectives.
"Avintus' focus on clients is second to none; the fact that they created—and, more importantly, live by—a Client Bill of Rights speaks volumes about how they do business," states David Musto, Ascensus' president. "Their approach aligns perfectly with Ascensus' client-centric philosophy in helping Americans save for retirement, education, and healthcare; I'm pleased to welcome the Avintus team to the Ascensus family."
"We have always operated under the belief that Avintus' clients deserve the very best every day," says Richard Tatum, Avintus' president and chief executive officer. "Joining Ascensus guarantees that we can continue to honor our commitment to ensure that our clients are 100% satisfied with the service we provide both now and in the future."
"When the M&A team evaluated Avintus, we saw a firm with a history of success that can continue along a path of accelerated growth as part of Ascensus," says Raghav Nandagopal, Ascensus' executive vice president of corporate development and M&A. "This, along with their attractive location and culture of client and associate satisfaction, made it easy for us to envision Avintus playing an important role in supporting our long-term growth strategy."
Ascensus helps more than 7 million Americans save for the future—retirement, education, and healthcare—through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports over 54,000 retirement plans, more than 4 million 529 education savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. As of December 31, 2017, Ascensus had over $163 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.