David L. Musto was named president of Ascensus, said a spokeswoman.
Mr. Musto, who starts in early September, succeeds Bob Guillocheau as president. Mr. Guillocheau will continue to serve as CEO and will take on the additional role of board chairman.
Mr. Musto will report to Mr. Guillocheau.
Previously, Mr. Musto was president of Great-West Investments, a unit of Great-West Financial. A Great-West spokesman could not immediately be reached for information on his replacement.
Ascensus, a defined contribution record keeper and administrator of 529 college and health savings plans, had more than $155 billion in total assets under administration as of June 30.