Newport Group to Buy PNC Bank Defined Contribution Plan Recordkeeping Business
March 12 2019 - 3:50PM
Dow Jones News
By Michael Dabaie
Independent retirement services firm Newport Group Inc. said
Tuesday it agreed to purchase PNC Bank, National Association's
Vested Interest defined contribution plan recordkeeping
business.
Newport said the terms of the transaction weren't disclosed. PNC
Bank is part of PNC Financial Services Group Inc. (PNC).
The business--which currently provides recordkeeping and
administration services to plans with about $17 billion of assets
under administration--will operate as part of Newport Group, and
employees will join Newport, the company said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
March 12, 2019 15:35 ET (19:35 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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