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Asset Servicing

Ascensus acquiring third-party administrator Avintus

Ascensus is acquiring third-party administration firm Avintus, an Ascensus spokeswoman said in an email.

Terms of the deal were not disclosed. The deal is expected to close April 2.

Avintus administers defined contribution and cash balance plans in the manufacturing, hospitality, construction, technology, non-profit and professional services industries. It has more than $1 billion in assets under administration, Ascensus' spokeswoman said. ​ The entire Avintus team is expected to join Ascensus, she added.

Ascensus, a defined contribution record keeper and administrator of 529 college plans and health savings accounts, had more than $163 billion in assets under administration as of Dec. 31.