ORLANDO, Fla. & WALNUT CREEK, Calif.--(BUSINESS WIRE)--The Newport Group, Inc. and Verisight, Inc. today announced they will be joining forces to increase the size, scale and reach of their respective businesses. Under the terms of the agreement, the holding company of Verisight will be renamed Newport Group Holdings, Inc. and will acquire The Newport Group and Newport Group Securities. The transaction is expected to close by the end of the year, subject to regulatory approval.
Newport is a leading provider of retirement and executive benefit plans and investment consulting services. Verisight is a recognized leader in comprehensive retirement plan services and consulting solutions.
Together, Newport and Verisight provide services to $100 billion of corporate client assets encompassing over 900,000 plan participant accounts. The current management teams and 1,000 employees in locations across the country will continue to serve clients under their respective brands.
“This represents a long-term investment in the future of our respective businesses, reinforcing our commitment to our clients, intermediaries and employees,” said Verisight CEO Greg Tschider. “It’s particularly great news for plan sponsors and financial advisors, who will benefit from a powerful organization built on both firms’ deep resources.”
“Our mutual goal is to accelerate growth and expansion while maintaining our entrepreneurial spirit,” added Newport CEO Peter Cahall. “Together, we will lead the industry in executive benefit and retirement plans, and enhance our strong capabilities in corporate compensation and benefits consulting. By combining forces, we are dramatically raising our profile—and our competitiveness—in the executive benefits and retirement services marketplace.”
Cahall will be the chief executive of the executive benefit plan and investment consulting businesses. Tschider will be the chief executive of the qualified retirement plan services business. Newport Senior Vice President Dennis Sain will report to Tschider and continue to lead Newport’s qualified retirement services group, which will be aligned with that of Verisight.
About Verisight, Inc.
Founded in 1985 and headquartered in Walnut Creek, California, Verisight is a privately-held, national corporation that offers comprehensive retirement plan services and consulting solutions for a wide range of clients, including employers, plan sponsors, advisors, financial intermediaries, and HR administrators. As a recognized leader servicing a wide range of companies, Verisight is a client-centric company with industry-focused consulting expertise in financial institutions, healthcare, manufacturing and distribution, not-for-profit and professional services. Verisight maintains complete investment independence and fee transparency. Verisight and its subsidiary DailyAccess also have offices in Mobile AL, Scottsdale AZ, Folsom (Sacramento) CA, Fresno CA, Chicago IL, Rockford IL, Moline IL (Davenport), Cedar Rapids IA, Urbandale IA (Des Moines), Overland Park KS, Annapolis MD, Minneapolis MN, New Bern NC, Dallas TX and Milwaukee WI. For more information, visit us at www.verisightgroup.com and/or connect with us on LinkedIn.
About The Newport Group
Founded in 1984, The Newport Group is a leading retirement services firm—specializing in the creative design and administration of retirement and executive benefit plans as well as investment and fiduciary consulting services. Through its innovative and customized solutions, Newport is uniquely positioned to satisfy the distinct financial needs of employers and employees, and has done so for hundreds of the country’s largest and best-known companies. Newport and Newport Group Securities are headquartered in Heathrow (Orlando) FL. Newport has service centers in Charlotte NC, Dallas TX, Greensboro NC, La Crosse WI, Los Angeles CA, Orlando, FL, Richmond VA, and St. Petersburg FL. Newport also has offices in Atlanta, Boston, Chicago, Cleveland, Denver, Nashville, New York NY, San Francisco, and St. Louis. Newport Group Securities is a registered investment adviser and Member, FINRA. For more information, visit www.newportgroup.com.