Ascensus has reorganized its retirement business into four segments to support its ongoing growth, the record keeper announced in a news release Feb. 5.
The four segments – core retirement, partner solutions, small business, and retirement products and solutions – each report to Ascensus President Nick Good.
Core retirement represents the company's Ascensus-branded defined contribution segment; partner solutions serves Ascensus' extensive private-label partnerships with financial institutions; small business encompasses the company's CoPilot, Individual (K), and SIMPLE plans products and solutions; and retirement products and solutions provides tailored services to banks, credit unions and other entities.
All but the retirement products and solutions business segment are new, an Ascensus spokesman said.
"Creating defined segments allows us to tailor our business even more effectively to the specific needs of those we serve, and enhances our ability to deliver even more to them," Good said in the news release.
The core retirement business segment will be led by Jason Crane, who has overseen distribution for the retirement line of business since joining Ascensus in 2018. Crane will continue to lead distribution for all retirement products.
The partner solutions business will be led by Jay Candelmo, who most recently served as Ascensus' head of relationship management for retirement.
Ascensus is looking for a leader to head up the small business segment.
The retirement products and solutions segment will continue to be led Steve Christenson, a 27-year company veteran who has been in that role since 2000.
Ascensus touted its growth, saying in the news release that "it nearly doubled the number of partners, plans and savers its serves in recent years."
In addition to ranking fifth in the number of plans under its administration, Ascensus also leads in the 529 education savings and state-facilitated retirement plan marketplace, with 43 state 529 plans and 75% of the SFRP assets under administration, the record keeper said.
As of Sept. 30, Ascensus has more than $723 billion in assets under administration.