Ascensus, a defined contribution record keeper and administrator of 529 college and health savings plans, will acquire Kravitz Inc., a cash balance plan designer and administrator, a spokeswoman said in an email.
The transaction is expected to close June 15. Terms of the deal were not disclosed.
Also as part of the deal, Ascensus will acquire Kravitz Back Office Solutions, which provides actuarial services to third-party administrators. Kravitz Investment Services, which provides cash balance strategies to and through financial advisers, was not part of the deal.
Daniel Kravitz, president of Kravitz, will lead the Kravitz division of Ascensus as a practice leader, Mr. Kravitz said.
As of March 31, Ascensus had more than $62 billion in retirement assets under administration and more than $89 billion in college savings account assets under administration. The amount of health savings account assets under administration was not available by press time.
As of the same date, Kravitz administered plans with roughly $7.7 billion in total assets.
