Ascensus has agreed to buy Nyhart, an Indianapolis-based employee benefits consultant with more than $20 billion in client assets under administration, the record keeper said Monday.
Nyhart will become part of FuturePlan by Ascensus, the record keeper's third-party administrator business, upon the anticipated Dec. 2 closing date.
Terms of the deal were not disclosed.
Nyhart serves more than 2,400 plan sponsor clients across the country from nine locations, according to Ascensus. It provides retirement and health-care actuarial services as well as consumer-directed health and benefit continuation administration to states, cities and municipalities, professional services firms, public-sector entities, health-care systems, religious organizations and higher education institutions.
"Nyhart's unique strengths complement our already broad service offerings at FuturePlan and immediately increase our capacity to serve larger, more complex plans," Jerry Bramlett, head of FuturePlan, said in a news release.
The acquisition is Ascensus' latest move to build out its third-party administrator business nationally. Over the past two years, the record keeper has snapped up more than two dozen TPAs throughout the country, including United Retirement Plan Consultants, a large Dublin, Ohio-based firm with more than $10 billion in assets under administration that it acquired in June.
With the Nyhart acquisition, FuturePlan will serve more than 50,000 retirement plans. Ascensus declined to disclose how much FuturePlan will have in assets under administration.
As of March 31, assets under administration totaled $57 billion.