Northwest Plan Services Inc. has acquired Trautmann, Maher & Associates in a transaction that will create a record keeper with approximately $19.5 billion in assets under administration.
The acquisition closed Aug. 5, said Thomas O'Brien, vice president of marketing for Northwest Plan Services, in an interview Wednesday. Northwest has approximately $16 billion in assets under administration, serving 230,000 participants in 800 plans, he said. Trautmann, Maher has approximately $3.5 billion in assets under administration, serving 110 plans with 65,000 participants, he added. Both firms are based in Washington state.
All 30 Trautmann, Maher employees have joined Northwest, which had 75 employees before the acquisition. Rolf Trautmann, president and co-founder, and Dennis Maher, vice president and co-founder, of the acquired firm will have management roles at Northwest, Mr. O'Brien said. Their titles have not been determined yet.
“As the 401(k) landscape continues to shift toward unbundled solutions, it makes strategic sense to combine the resources of our firms and leverage our strengths to support continued strong growth,” Tim Wulfekuhle, president and CEO of Northwest, said in a news release Tuesday.
“Our capabilities complement each other extremely well,” Mr. Trautmann said in the same release.