Ascensus has agreed to buy third-party administrator Goldleaf Partners, a Bloomington, Minn.-based firm with more than 4,400 plan sponsor clients across the country.
Goldleaf Partners will become part of FuturePlan by Ascensus, the record keeper's TPA business, once the deal closes Nov. 1, Ascensus said Thursday in a news release.
Terms of the deal were not disclosed.
Jerry Bramlett, head of FuturePlan, cited Goldleaf Partners' location and mix of services as top reasons for buying the firm. "Minnesota is an attractive and important market for FuturePlan from a geographic standpoint. We want to expand in this area as we continue to fill out our national footprint," Mr. Bramlett said.
Mr. Bramlett also noted Goldleaf Partners' 3(16) service and its national sales team, which he said will bolster FuturePlan's growth.
Goldleaf Partners provides retirement administration and employee benefits, payroll integration, consumer-directed health and COBRA services, Mr. Bramlett said. He declined to disclose how much the new firm has in assets under administration.
The acquisition is the latest in a long string of purchases by Ascensus. 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 that it acquired in June, its largest acquisition to date.
With the Goldleaf Partners acquisition, FuturePlan will serve more than 48,000 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.