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Asset Servicing

Ascensus acquires 2 third-party administration firms

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Ascensus acquired third-party administration firms Swerdlin & Co. and SES Advisors, said a Tuesday news release from Ascensus.

Terms of the deals were not disclosed.

The Swerdlin deal closed on June 19 and the SES deal, June 4.

Swerdlin & Co. provides actuarial, consulting, administrative and record keeping for retirement, health care and cafeteria plans, including employee stock ownership plans. SES Advisors focuses on ESOP administration, consulting and record keeping.

"SES Advisors' ESOP transaction and financial advisory practice was not part of the transaction; that business will continue under its current ownership and will be rebranded as SES ESOP Strategies, the news release said. Ascensus declined to provide information on the firms' assets under administration.

All SES and Swerdlin team members will be joining Ascensus, a spokesman said in an email.

Ascensus, a defined contribution record keeper and administrator of 529 college plans, health savings accounts, had more than $187 billion in assets under administration as of March 31.