Retirement plan service providers Ascensus and Newport Group are merging, with Ascensus as the surviving company.
David Musto, president and chief executive of Dresher, Pennsylvania-based Ascensus, will serve as CEO of the combined company. Greg Tschider has stepped down as CEO of Walnut Creek, California-based Newport, and Laura Ramanis, its chief operating officer, will serve as interim CEO until the close of the transaction, the terms of which were not disclosed.
Once the firms combine, Ascensus will administer more than $700 billion in assets for more than 150,000 retirement plans.
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