A strategic plan of acquiring third-party retirement plan administration firms
National Investment Managers, a nationally-based and regionally-operated retirement plan administration and investment management company, has decided to acquire approximately 500 balance forward tax qualified retirement plans from Standard Retirement Services (SRS).
The transaction furthers National Investment Managers’ strategic plan of acquiring third-party retirement plan administration firms and books of business.
John Davis, president and chief operating officer of National Investment Managers (NIVM), said: We are excited to work with SRS in transitioning this group of balance forward clients to our existing operations. In addition to advancing the company’s strategic objectives, the acquisition of this book of business is a nice fit for NIVM geographically, given that 80% of the clients are located near NIVM subsidiary offices. We are working with SRS to ensure a seamless client migration to our local operations, and we expect to close the transaction and begin servicing our new clients by December 1.
Aaron Howard, vice president of Plan Services for SRS, said: This sale reflects our commitment to remain tightly focused on our core business: providing exceptional service to our significant block of daily valued public and private retirement plan clients. We are pleased that the block of balance forward clients transitioning to NIVM will be served by an organisation that shares our focus on exceeding customer expectations.