Metavante Acquires

November 28, 2001 ( - Metavante Corporation, a subsidiary of Marshall & Ilsley Corporation, will acquire, a third-party administrator of 401k), pension, and profit-sharing plans, for an undisclosed amount.

With the acquisition, announced in a press release, Metavante, which already administers records for over 500,000 participants in large retirement plans, expands its wealth management offerings for businesses with fewer than 300 employers. currently administers over 4,100 retirement plans for about 110,000 employees. It serves small to medium-sized businesses referred by advisors and financial institutions, which invest retirement funds on behalf of their clients.

The group provides retirement plan proposals, plan design and set-up, participant services, plan administration, compliance and testing for its clients, as well as employee government and plan reporting.

The transaction, which is subject to regulatory approval and other customary conditions, is expected to close in December.

– Camilla Klein