WALNUT CREEK, Calif.--(BUSINESS WIRE)--Newport Group, Inc. (“Newport Group”) and PNC Bank, National Association (“PNC Bank”) announced today that the two companies have entered into a definitive agreement by which Newport Group will purchase the Vested Interest® defined contribution plan recordkeeping business from PNC Bank. Terms of the transaction were not disclosed.
“PNC Bank is one of the largest and most-respected brands in the banking industry,” said Newport Group Chief Executive Officer Greg Tschider. “This transaction is a strategic fit for our company. Our business is providing service to retirement plans of all sizes, and we look forward to supporting our newest clients and helping their employees reach their retirement goals.”
Upon the closing of the transaction, subject to customary conditions, the business—which currently provides recordkeeping and administration services to plans with approximately $17 billion of assets under administration—will operate as part of Newport Group. PNC Bank employees supporting the Vested Interest defined contribution plan recordkeeping business will be joining Newport Group.
“Newport Group is a recognized leader in the retirement industry, known for providing best-in-class technical capabilities and superb client service for its defined contribution plan recordkeeping clients and their participants,” said Alistair Jessiman, EVP and managing executive, PNC Institutional Asset Management®. “This transaction will allow PNC to focus on providing fiduciary investment advice to retirement clients, which is the core of our business—and value adds such as plan fiduciary education, employee education and financial wellness, plan benchmarking, and other retirement plan consulting—ideas and solutions that help our clients better run their retirement plans and their businesses.”
About Newport Group
Headquartered in Walnut Creek, California, Newport Group is a leading independent retirement services firm that helps employers—and the advisors who serve them—prepare employees for a more financially secure retirement. The company has more than $100 billion in retirement assets under administration and more than $250 billion in corporate retirement and insurance assets. Newport Group maintains investment objectivity, fee transparency and a commitment to flexible, responsive service. Staffed by an exceptional team of more than 1,250 retirement, insurance, and consulting professionals, the company provides retirement solutions tailored to the needs of employers of every size, from small businesses to the Fortune 1000.
About PNC Bank
PNC Bank, National Association is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.