According to the announcement, the business being acquired consists of approximately 3,400 retirement plans with assets under administration of more than $10 billion.
“We are excited about the enhanced products and services this acquisition will bring to current and future retirement plan customers of both organizations,” said Eric Parsons, chairman, president and chief executive officer of StanCorp, in the announcement.
The acquisition will give retirement plans customers of StanCorp access to RightPath, Invesmart’s defined contribution plan (See Invesmart Says Participation Increases With DC Product ). RightPath includes a candid, face-to-face dialog with participants during the enrollment meeting regarding their retirement financial situation, and provides individualized saving and investing tools and strategies to help them reach their retirement goals.
Invesmart will operate as a subsidiary of StanCorp and will become part of its recently formed Asset Management group. The transaction and related agreements are subject to various regulatory approvals which are expected to occur during the next three months.