Raymond James Financial agreed to acquire NWPS Holdings, a provider of plan administration, consulting and actuarial services.
Terms were not disclosed. The transaction is expected to close by year-end, according to a Raymond James news release issued Thursday.
NWPS Holdings, doing business as NWPS and Northwest Plan Services, administers more than $35 billion in retirement plan assets covering more than 400,000 participants, the news release said. A spokeswoman for Raymond James declined to provide details about her company's retirement plan business.
NWPS will continue to operate under its current name, and the approximately 160 NWPS employees will be retained in the firm's current locations, the news release said. Tim Wulfekuhle, president and CEO, and NWPS Holdings' leadership team will retain their positions, with the company becoming part of Raymond James Private Client Group, the news release said.