US-based retirement plans services provider Northwest Plan Services (NWPS) has purchased Venuti & Associates (V&A) for an undisclosed amount.
Founded in 2002, V&A offers benefits and actuarial consulting services to multi-employer, single-employer and public defined benefit, defined contribution and health & welfare plans.
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It services more than 20 client-relationships, with over 25 plans and approximately 60,000 participants.
It has offices in Los Altos, California and Seattle, Washington.
NWPS president and CEO Tim Wulfekuhle said: “V&A’s broad-based expertise will be a great addition to the services we offer to our clients and advisors, and their actuarial practice will add depth to our current practice.
“We are very happy they are joining us, and we look forward to working with them.”
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By GlobalDataThe acquisition is part of NWPS’ strategy to enhance its capacity to meet growing demand for conflict-free, unbundled retirement and health & welfare plan services.
Following this deal, NWPS will approximately 1,050 plans across the US with more than 450,000 participants and nearly $35bn of assets under administration.
Venuti & Associates founder David Venuti said: “At Venuti & Associates, our approach has always been to put our clients and their participants first, and we are excited about the synergies and growth opportunities NWPS will bring.
“The added depth and industry experience will serve to enhance what has always been our mission: to give plan sponsors the guidance they need to provide secure, reliable retirement income and health benefits to their plan participants and beneficiaries.”
