Acquisitions by Ameritas, TIAA and NFP are continuing a retirement investing industry trend as companies look for opportunities to enter, expand, or move beyond the retirement business, depending on their strategies.
Here are some details:
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Ameritas to acquire Guardian Insurance & Annuity Co.
Ameritas Life Insurance Corp. of Lincoln, Nebraska, has signed an agreement to acquire the 401(k) plan business of the Guardian Insurance & Annuity Co. Inc., a wholly owned subsidiary of New York City-based Guardian Life Insurance Co. of America.
Ameritas's retirement plans division provides retirement plan investment and administration services to more than 3,000 businesses and public entities nationwide. At the close of the transaction, the retirement plans division will have assets under administration in excess of $10 billion.
The acquisition, which is subject to regulatory approval, will enable a "a long-term strategic marketing relationship in which Ameritas will provide 401(k) products and services through Guardian's agency system," according to Mike Cefole, senior vice president, Guardian.
TIAA acquires MyVest
TIAA, for its part, acquired San Francisco-based MyVest, which provides scalable customized wealth management services on a single platform for financial institutions. It will continue to serve its current client base, but will operate as a subsidiary of TIAA that focuses on emerging technologies and will report to Scott Blandford, TIAA's chief digital officer.
New York City-based TIAA, whose legal name is Teachers Insurance and Annuity Association, has collaborated with MyVest since 2009 in providing customized discretionary investment and tax management services for individuals.
NFP acquires First West Brokerage Services
Last but not least, New York City insurance broker and consultant NFP has acquired First West Brokerage Services Inc. Orem, Utah-based First West specializes in group health plans, and also provides offerings in corporate retirement products, ancillary benefits, human resources solutions and individual wealth management. First West has been a member of NFP's Benefits Partners organization since 2010.
First West principal David Jackson will remain with the firm and assume the role of managing director, reporting to John Hohman, regional managing director at NFP.
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