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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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.