SageView Advisory Group acquired the retirement plan services practice of registered investment adviser firm Arnerich Massena, SageView announced in a news release.
Terms of the deal, which closed Wednesday, were not disclosed.
The transaction added 23 plan sponsors with $5.3 billion in assets to SageView's client roster. As of Dec. 31, SageView had 961 plan sponsor clients, 1,306 plans and $132 billion in assets under advisement, a spokeswoman said.
As part of the transaction, Luka Arnerich, a consultant in the institutional services group at Arnerich Massena, will join SageView as a retirement plan consultant in Portland, Ore.
"SageView's growth since inception has been driven by our dedication to the retirement industry, and Luka will make an excellent addition to the team," said Randall C. Long, SageView's founder and CEO, in the news release.
Arnerich Massena's retirement plan services practice consists primarily of defined contribution, defined benefit and deferred compensation retirement plans, according to the news release.
