Charles Schwab acquired The Hampton Co., a defined benefit and defined contribution plan consultant, and expects to expand the firm as Schwab develops its own bundled 401(k) product.
Terms were not disclosed.
Hampton, which has 85 employees, has 550 pension plan clients nationwide. A key product is a turnkey daily valuation program for 401(k) plans, which includes investment portfolios managed by other firms through Schwab, and record-keeping and education services.
Dreyfus Retirement Services entered into a strategic partnership with Ayco Co. to provide financial planning advice to plan participants. Ayco will use a questionnaire to assess a participant's risk tolerance and provide advice accordingly, including specific funds and allocations. Ayco representatives will be free to recommend funds outside those managed by Dreyfus and related companies.
Also, three asset allocation funds, the LifeTime Portfolios, have been added to Dreyfus 401(k) plan offerings. The funds will be jointly managed by Dreyfus and Mellon Equity Associates.
The $385 million pension fund of Centerior Energy Corp., Independence, Ohio, changed Wells Fargo Nikko's assignment as part of a restructuring of its equity allocation, said Gregory A. Tropf, senior investment analyst.
The manager will run a $27 million enhanced S&P 500 index fund.
Assets came from dropping a $15 million Wells Fargo Nikko growth equity portfolio, which replicated the S&P/BARRA Growth Index, and from other managers whose assignments are under review.
Summit Strategies Group assisted in the changes.