Newport Group has agreed to acquire the independent fiduciary and institutional trust business of Evercore Trust Co., the companies announced in a joint news release.
Terms of the deal, which is expected to close in the third quarter, were not disclosed. Client agreements, employees and other assets of Evercore's business will be operated through Newport Trust Co.
"This transaction is part of Evercore's strategy to focus our efforts in the investment management sector in the U.S. on our wealth management and personal trust business,” said Ralph Schlosstein, Evercore's president and CEO, in the news release. “Evercore Trust Company's institutional trust and independent fiduciary business provides exceptional independent advice and service to its clients, including many of the largest companies in the U.S. Newport Group will provide an ideal home to continue that outstanding client service."
Newport Group has more than $80 billion in retirement plan assets under administration.
Officials at both firms could not be immediately reached to provide further information.
