Ascensus, a defined contribution record keeper and administrator of IRAs, 529 college plans and health savings accounts, acquired Dedicated Defined Benefit Services, a pension plan design, administration and consulting firm, said an Ascensus news release Tuesday.
Terms of the deal were not disclosed.
"We recognized Dedicated DB as an excellent candidate to join Ascensus based on their commitment to helping clients keep more of their earnings by offering the most complete and tax-efficient retirement programs available," said David L. Musto, Ascensus' president, in the news release. "In addition to benefiting from Dedicated DB's strong RIA, adviser, and institutional relationships, we're also delighted to further expand our national footprint and offer clients enhanced access to deep defined benefit expertise."
As of Sept. 30, Ascensus had more than $158 billion in assets under administration.
Spokeswomen for Ascensus and Dedicated DB could not immediately be reached for additional information.