Standard Insurance Co. has agreed to acquire the retirement record-keeping business of Securian Financial Group. Terms of the deal, which is expected to close before the end of the year, were not disclosed.
Securian’s pension-risk transfer and institutional retirement businesses are not included in the sale.
Standard, based in Portland, Oregon, has offered retirement plans since 1982, with an emphasis on small to midsize plans. Securian, based in St. Paul, Minnesota, offers similar retirement record-keeping administration, compliance and fiduciary services.
As of Sept. 30, Securian retirement plans served companies with $17 billion in total assets under administration, compared to $29.3 billion for Standard.
"We have been studying retirement plan growth opportunities in the U.S. market for some time, and Securian Financial stood out as a like-minded partner focused on customer-first service and deep relationships with plan sponsors and key distribution partners alike," Dan McMillan, president and CEO of Standard, said in a statement.
New chief executive Rich Steinmeier replaced Dan Arnold on October 1.
The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.
Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.
New survey finds varied levels of loyalty to advisors by generation.
Busy day for results, key data give markets concerns.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.
