Financial services firm CBIZ has acquired registered investment adviser American Pension Advisors, CBIZ announced in a news release Wednesday.
Terms of the deal were not disclosed.
The acquisition will add 1,200 plan sponsors to CBIZ's client roster, a CBIZ spokeswoman said. She declined to disclose how much the plan sponsors have in assets.
In addition to bolstering CBIZ's retirement investment services business, the Indianapolis-based APA will also strengthen its presence in that metro market, said Jerome P. Grisko Jr., CBIZ's president and CEO, in the news release.
The transaction follows CBIZ's acquisition in February of the retirement plan business of accounting firm Somerset CPAs and Advisors, also based in Indianapolis.
CBIZ declined to disclose how much it manages in retirement plan assets.
