Ascensus and Newport Group announced that the two companies have closed their previously announced merger.
The merger will now serve more than 15 million participants and oversee more than $745 billion in assets under administration as of December 31, 2021. As of now, the unified company employs more than 5,400 employees across the U.S. Unfortunately, I expect that number to lower, as with most mergers and the look for cost savings.
David Musto, president, and chief executive officer of Ascensus, will serve as CEO of the combined company.