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Asset Servicing

Ascensus makes another acquisition in TPA market

Ascensus is acquiring third-party administration firm 401k Plus, Ascensus announced in a news release Tuesday.

Terms of the deal were not disclosed. It is the company's 11th third-party administration acquisition this year.

401k Plus, based in Arlington, Texas, "specializes in developing and administering participant-directed 401(k) plans, but also offers cash balance plans, traditional defined benefit plans, profit-sharing plans and money purchase pension plans," the release said. "Retirement Asset Advisory, a registered investment adviser co-owned by 401k Plus' owners, is not a part of the transaction and will continue to be managed separately."

Assets under administration for 401(k) Plus were not immediately available.

"401k Plus is a highly respected qualified plan administrator in Texas," said Raghav Nandagopal, Ascensus' executive vice president of corporate development and M&A, in the release. "In addition to establishing our ... market presence in this important geographic region and continuing to expand our national footprint, this acquisition supports our growth strategy by increasing our defined contribution and defined benefit expertise to support current and prospective client needs."

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

An Ascensus spokesman could not immediately be reached for additional information.