SageView Advisory Group has acquired retirement plan services firm OnTrack 401(k), SageView announced in a news release.
Terms of the deal were not disclosed.
The acquisition will add more than 90 plan sponsors with $400 million in assets under advisement to SageView’s platform. It will also expand the firm’s presence on the East Coast, SageView said in the news release.
The acquisition of OnTrack 401(k), which is based in Frederick, Md., represents SageView’s second Maryland location.
As part of the transaction, Doug O’Rear, co-founder of OnTrack 401(k), joined SageView as managing director, and his team member Cindy Brown joined as a retirement plan consultant.
“We know the experience and insights Doug and his team can provide will help our institutional clients grow,” said Steve Gaven, SageView’s chief growth officer, in the new release.
The acquisition is SageView’s fifth since July 2021. It last bought Palmer Retirement Consulting, an advisory with both retirement plan and wealth management business, in December 2023.
In January 2021, SageView announced that it had sold a majority ownership stake in the business to private equity firm Aquiline Capital Partners.
SageView advises approximately 2,400 plan sponsors and had $234 billion in assets under advisement as of Sept. 30.
