The defined contribution provider consolidation report (below Table. 1) shows the history of mergers and acquisitions among American companies that acted as a defined contribution provider. The defined contribution provider report also shows what type of companies were involved in the transaction such as Record Keeper (RK), Investment Only (IO), Defined Contribution Investment Only (DCIO), Broker Dealer (BD), or “Other” business classification.
The report below (table. 1) also shows history of consolidation activity dating back to 1998 and identifies the successor (or “survivor”) companies as shown graphically in Graph. 1.
(Graph. 1)
(Table. 1)
| DEFINED CONTRIBUTION CONSOLIDATION REPORT – 2017 | ||||
| PROVIDER | ACTION | Type | SUCCESSOR | DATE |
| Aon Hewitt | Sold | RK | BlackStone | 2017 |
| Xerox | Spun off | RK | Newco | 2017 |
| Alerus | Bought | RK | ABG MN | 2016 |
| Ameritas | Bought | RK | Guardian | 2016 |
| Verisight | Rebranded | RK | Newport Group | 2016 |
| NFP Securities | Sold | BD | Kestra | 2016 |
| AIG Advisor Group | Sold | BD | Private Equity Group | 2016 |
| MetLife Securities | Sold | BD | MassMutual | 2016 |
| Pioneer | Merger | DCIO | Santander/Warburg/Gen Atl | 2015 |
| NW Plan Services | Bought | RK | CDM | 2015 |
| Mercer RK | Sold | RK | Tranamaerica | 2015 |
| BMO | Sold | RK | OneAmerica | 2015 |
| NADART | Sold | RK | Empower-Retirement | 2015 |
| Ascensus | Selling | RK | Genstar/Aquiline | 2015 |
| NYLife RPS | Sold | RK | John Hancock | 2015 |
| Newport Group | Sold | RK | Verisight and Stone Point | 2014 |
| Financial Telesis | Sold | BD | LPL | 2014 |
| Alerus | Bought | RK | Retirement Alliance | 2014 |
| Great-West/Putnam/JP Morgan | Rebranded | RK | Empower-Retirement | 2014 |
| City National | Sold | RK | OneAmerica | 2014 |
| Frank Russell | Sold | IO | LSE | 2014 |
| Cetera | Sold | BD | RCAP | 2014 |
| JP Morgan Large Mkt RK | Sold | RK | Great-West | 2014 |
| Putnam RK | Merged | RK | Great-West | 2014 |
| Nuveen | Sold | IO | TIAA-Cref | 2014 |
| Daily Access | Sold | RK | Verisight and Stone Point | 2014 |
| Munder | Sold | RK | Victory | 2014 |
| CPI | Rebranded | RK | CUNA Mutual | 2014 |
| Ridgeworth | Sold | IO | Lightyear & Management | 2013 |
| NFP | Taken Private | BD | Madison Dearborn | 2013 |
| ING | IPO | RK | Public | 2013 |
| Tower Square | Sold | BD | Cetera | 2013 |
| Verisight | Sold | RK | Stone Point | 2013 |
| Walnut Street Securities | Sold | BD | Cetera | 2013 |
| ASPire | Raise Capital | RK | Financial Technology Ventures | 2012 |
| Dwight Asset Management | Sold | IO | Goldman Sachs | 2012 |
| ExpertPlan | Sold | RK | Ascensus | 2012 |
| Hartford | Sold | RK | MassMutual | 2012 |
| Morgan Keegan | Sold | BD | Raymond James | 2012 |
| Vanguard | Outsourced | RK | Ascensus | 2012 |
| Columbia Investments | sold | IO | Ameriprise | 2011 |
| E Plan | sold | RK | Paychex | 2011 |
| M&I | sold | RK | BMO | 2011 |
| McGladrey | sold | RK | Verisight | 2011 |
| Oppenheimer | Exited RK | RK | Ascensus | 2011 |
| First American Funds | Sold | IO | Nuveen | 2010 |
| Matrix | Sold | OTHER | Broadridge | 2010 |
| McCready & Keene | sold | RK | OneAmerica | 2010 |
| NextStep/BenefitStreet | sold | RK | Verisight | 2010 |
| NRP | sold | BD | LPL | 2010 |
| ABG MidAtlantic | sold | RK | BPA | 2009 |
| Baden (Clark) | Sold | RK | Ascensus | 2009 |
| CPI | Sold | RK | CUNA Mutual | 2009 |
| Hand Benefits | sold | OTHER | BPA | 2009 |
| Merrill Lynch | Sold | BD | Bank of America | 2009 |
| Putnam | sold | RK | Power Financial (GreatWest) | 2009 |
| Schloss & Co. | sold | RK | Sentinal (Focus Finncial) | 2009 |
| Symetra (Mutual Fund Product) | Sold | RK | Ascensus | 2009 |
| Wachovia | Sold | RK | Wells Fargo | 2009 |
| 401(k)Advisors & RPAG | sold | BD | NFP | 2008 |
| CitiStreet | Sold | RK | ING | 2008 |
| First Mercantile | sold | RK | MassMutual | 2008 |
| Bisys | Sold | JC Flowers/Crump | 2007 | |
| Franklin Templeton | Sold | Great West | 2007 | |
| Princeton Retirement Group | Sold | Hartford | 2007 | |
| Sentinel Benefits | Sold | Focus Financial | 2007 | |
| SunLife (MFS) | Sold | Hartford | 2007 | |
| UBOC | Sold | Prudential | 2007 | |
| Ameriprise | Sold | Wachovia | 2006 | |
| Baden | Sold | Clark Consulting | 2006 | |
| CCA | Sold | JP Morgan | 2006 | |
| Ceridian | Sold | Newport Group | 2006 | |
| Cynergy | Sold | JP Morgan | 2006 | |
| Geller & Wind | Sold | Focus Financial | 2006 | |
| Invesmart | Sold | Standard | 2006 | |
| MetLife | Sold | Great West | 2006 | |
| MFS | Sold | SunLife | 2006 | |
| Southeastern Employee Benefits | Sold | Paychex | 2006 | |
| SunGuard (STN) | Partnered | Fidelity (IWS) | 2006 | |
| The 401kCompany | Sold | Schwab | 2006 | |
| US Bank | Sold | Great West | 2006 | |
| ABN AMRO | Sold | Principal | 2005 | |
| American Express | Sold/Renamed | IPO/Ameriprise | 2005 | |
| Amvescap | Sold | Merrill Lynch | 2005 | |
| AXA Advisors | Outsourced | BFDS/DST | 2005 | |
| CitiStreet | Sold (403(b) Business) | Met Life | 2005 | |
| Federated Investors | Outsourced | Fascore | 2005 | |
| Fifth Third Bank | Outsourced | Fascore | 2005 | |
| JP Morgan | Outsourced | Fascore | 2005 | |
| Mellon | Sold | ACS | 2005 | |
| Metavante (M&I) | Sold | Great West | 2005 | |
| MetLife | Outsourced 403(b) | CitiStreet | 2005 | |
| Sunguard | Sold | Private Equity Group | 2005 | |
| Travelers | Sold | Met Life | 2005 | |
| Union Central | Merged | Ameritas/Unifi | 2005 | |
| AG Edwards | Sold | CPI | 2004 | |
| American Express | Outsourced | Great West | 2004 | |
| BancOne | Sold | JP Morgan | 2004 | |
| Bank of NY | Sold | Wachovia | 2004 | |
| CNA Trust | Sold | Union Bank of California | 2004 | |
| Comerica | Outsourced | Wachovia | 2004 | |
| GoldK | Sold | LBMC | 2004 | |
| Harris Bank | Sold | Wells Fargo | 2004 | |
| John Hancock | Sold | Manulife | 2004 | |
| Putnam | Carve out | Mercer HR | 2004 | |
| Southtrust | Sold | Wachovia | 2004 | |
| Strong | Sold | Wells Fargo | 2004 | |
| 401k Company | Exited small market | 2003 | ||
| American Century | Sold | JP Morgan | 2003 | |
| Cigna | Sold | Prudential | 2003 | |
| Delaware | Outsourced | Bisys | 2003 | |
| Emjay/Wells Fargo | Sold | Great West | 2003 | |
| Enterprise/MONY | Sold | AXA | 2003 | |
| Federated Insurance | Sold | Great West | 2003 | |
| Fleet | Sold | Bank of America | 2003 | |
| GE | Outsourced | Bisys | 2003 | |
| mPower | Sold | Morningstar | 2003 | |
| Northern Trust | Sold | Hewitt | 2003 | |
| Pan American | Sold | Securian | 2003 | |
| PFPC | Sold | Wachovia | 2003 | |
| Pioneer | Exited | 2003 | ||
| Putnam | Outsourced | Expert Plan | 2003 | |
| Safeco | Sold | Symetra | 2003 | |
| Scudder | Sold | ADP | 2003 | |
| UMB | Sold | M&I | 2003 | |
| US Bank | Outsourced | Bisys | 2003 | |
| Administrative Management Group | Sold | Lincoln Financial | 2002 | |
| American Skandia | Exited | 2002 | ||
| Bank of NY | Outsourced | PFPC | 2002 | |
| CBIZ | Outsourced | Bisys | 2002 | |
| Emplanet | Exited | 2002 | ||
| Guardian | Exited | 2002 | ||
| Key Bank | Sold | Principal | 2002 | |
| Merchantile Bank | Outsourced | Bisys | 2002 | |
| MetLife | Merged | Gen Am & New England | 2002 | |
| National City Bank | Outsourced | Hewitt | 2002 | |
| Nippon Life | Exited | 2002 | ||
| Persumma | Merged | MassMutual | 2002 | |
| Provident Mutual | Sold | Nationwide | 2002 | |
| State Street Research | Exited | 2002 | ||
| SunTrust | Outsourced | Nationwide | 2002 | |
| Trustar | Exited | 2002 | ||
| Allmerica | Sold | Securian | 2001 | |
| Emjay | Sold | Wells Fargo | 2001 | |
| Fleet | Outsourced | INVESCO | 2001 | |
| John Hancock | Sold Retirement Business | UPI | 2001 | |
| LaSalle Bank | Outsourced | Chicago Title & Trust | 2001 | |
| MetLife | Sold large plans | Hewitt | 2001 | |
| Morgan Stanley | Outsourced | ADP/Fidelity | 2001 | |
| PaineWebber | Outsourced | MFS | 2001 | |
| Reliastar | Sold | Aetna | 2001 | |
| Teamvest | Sold | Newport Group | 2001 | |
| Unifi (PWC) | Sold | Mellon HR | 2001 | |
| UPI | Sold | Bisys | 2001 | |
| Wachovia | Outsourced large plans | Invesco | 2001 | |
| Wachovia | Sold | First Union | 2001 | |
| American Century | Outousced/Exited Small Market | ADP | 2000 | |
| Bank of America | Outsourced | ADP/Aegon | 2000 | |
| Huntington Bank | Exited | 2000 | ||
| Merrill Lynch | Sold <$3mm | Bisys | 2000 | |
| Prudential | Outsourced <$3mm | Bisys | 2000 | |
| T Rowe Price | Outsourced small plans | Trustar | 2000 | |
| Chase Manhattan Bank | Outsourced | Fidelity | 1999 | |
| CitiBank (Copeland/Smith Barney) | Merged | CitiStreet | 1999 | |
| State Street | Merged | CitiStreet | 1999 | |
| PFPC | Sold | PNC Bank | ||
| Aetna | Sold | ING | ||
| Transamerica | Sold | Aegon | ||
