Pentegra Retirement Services is acquiring National Life Group’s third-party administrator business, National Retirement Plan Advisors, confirmed Robert Albanese, Pentegra president and CEO.
Mr. Albanese said in a telephone interview that Pentegra aims to diversify the company's revenues through the purchase.
“About 80% of our revenues are driven off asset-based fees; at times that can be volatile,” he said, noting that adding revenues from third-party administration firms will provide revenue from services provided.
Pentegra bought third-party administrator Alliance Benefit Group Carolinas in February.
Mr. Albanese said the firm is currently looking for additional acquisition opportunities, but did not provide details.