Newport Group has agreed to acquire PNC Bank's record-keeping business, Vested Interest, a news release said. Terms of the transaction were not disclosed.
Once the deal closes, Vested Interest — which currently provides record-keeping and administration services to plans with about $17 billion in assets under administration — will operate as part of Newport Group. PNC Bank employees supporting the Vested Interest defined contribution plan record-keeping business will become Newport Group employees.
"This transaction will allow PNC to focus on providing fiduciary investment advice to retirement clients, which is the core of our business," said Alistair Jessiman, executive vice president and managing executive of PNC institutional asset management, in the news release.
PNC spokeswoman Marcey Zwiebel could not be immediately reached for comment.