Ascensus will acquire Qualified Plans, a third-party administration firm, an Ascensus spokesman said. The transaction is expected to close Feb. 1. Terms of the deal were not disclosed.
"Acquiring Qualified Plans to become part of our TPA solutions business is another indication of Ascensus' ongoing commitment to providing high-quality solutions to advisers through a platform-independent, open-architecture business model," said David L. Musto, Ascensus' president, in a news release Thursday. Ascensus, a defined contribution record keeper and administrator of 529 college and health savings plans, had more than $158 billion in assets under administration as of Sept. 30.
Along with defined benefit and defined contribution administration services, Qualified Plans provides plan design, consultation, and compliance services. The entire Qualified Plans team will join Ascensus, the Ascensus spokesman said. He declined to provide Qualified Plans' AUA.
A Qualified Plans official directed inquiries to Ascensus.