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Ascensus Announces Completion of Truist Retirement Recordkeeping AcquisitionDRESHER, Pa., March 5, 2021 /PRNewswire/ -- Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—has completed the acquisition of the heritage BB&T bundled retirement recordkeeping business from Truist Bank that was announced on January 6, 2021. Financial terms of the deal, which closed on March 3, were not disclosed. In total, this transaction covers more than 1,200 plans with approximately 140,000 participants and more than $6 billion in assets—all of which have been successfully transitioned to Ascensus' platform. With this addition, Ascensus currently serves approximately 115,000 retirement plans with 3.3 million participants nd assets under administration of approximately $209 billion. "Thanks to the Truist and Ascensus teams' highly collaborative efforts, we were able to successfully migrate all of the heritage BB&T plans to Ascensus over the course of this past weekend," said Kevin Cox, president of Ascensus' Retirement line of business. "I'd like to express my gratitude to Truist for their partnership in supporting the transition of their clients and plans to our platform." "We're pleased to welcome heritage BB&T clients to Ascensus and offer them access to our robust resources, including financial wellness programs, managed account services, and award-winning support," continued Cox. "With the ongoing consolidation in the retirement industry, Ascensus plans to pursue similar opportunities to work with organizations to provide an attractive home for their non-core retirement servicing businesses and clients," stated Raghav Nandagopal, Ascensus' chief corporate development officer. About Ascensus View original content to download multimedia:http://www.prnewswire.com/news-releases/ascensus-announces-completion-of-truist-retirement-recordkeeping-acquisition-301241545.html SOURCE Ascensus |