On Wednesday, Vanguard announced a partnership with Ascensus to target small DC plans. Currently, only 10.6% of Vanguard's record-keeping assets comes from plans with fewer than 1,000 participants. Ascensus should be able to provide valuable insight: 83.7% of its record-keeping assets comes from plans with fewer than 1,000 participants. The five companies that could be affected most are Paychex Inc., Lincoln Trust Co., GAMCO Investors, Security Benefit Group of Cos. and John Hancock Financial Services Inc. — their participant base comes almost exclusively from small plans.
A complete breakdown of Vanguard Group's record-keeping assets can be found in the P&I Research Center P&I Research Center.