Ascensus late last month announced it acquired Savannah, Ga.-based Qualified Plans LLC, its second major acquisition in January following its purchase of Dedicated Defined Benefit Services in California.
The Ascensus platform manages about 50,000 retirement plans and $158 billion in total assets under administration. The Dresher, Pa.-based service provider said in a press release the acquisition would assist Ascencus’ expansion in the southeastern parts of the country.
“The southeastern U.S. is an important market for us, and we are delighted to acquire a well-regarded firm like Qualified Plans,” said Raghav Nandagopal, Ascensus' executive vice president of corporate development and mergers and acquisition, in a prepared statement.
Qualified Plans will be another addition to Ascensus’ third-party solutions strategy available to advisors.
As well as enhancing the company's own services, Ascensus president David Musto says he seeks to improve retirement services for Americans through his appointment as chair of the Define Contribution Institutional Investment Association (DCIIA). The non-profit organization is made up of 42 firms and ran by influencers in the defined contribution industry. Musto is overseeing the association’s strategy to advance retirement outcomes.
Ascensus, which also manages millions of 529 college savings accounts and ABLE accounts (a tax-advantaged investment account designed for individuals with disabilities), announced last week it surpassed $100 billion in 529 account assets.