Ascensus Closes Newport Merger Deal

Leading provider of tax-advantaged savings and related services to serve more than 15 million savers with expanded technology, solutions and expertise

DRESHER, Pennsylvania., April 8, 2022 /PRNewswire/ — Ascensus, whose technology and expertise help millions of people save for retirement, education and health care, and Newportthe Walnut Creek, Calif.– a provider of retirement services – announced today that the two companies have closed their previously announced merger, the first step in their journey together as a combined organization.

The syndicate combines the skills and talents of two market leaders in tax-advantaged savings and related services, serving more than 15 million savers and overseeing more than $745 billion in assets under administration from December 31, 2021. Collectively, the unified company employs more than 5,400 employees across the US.

David MustoChairman and CEO of Ascensus, will serve as CEO of the combined company. Laura Ramaniswho has served as interim CEO of Newport since the announcement of the transaction last fall, and kurt lanningExecutive Vice President of Newport Non-Qualified and Insurance Solutions, will join Ascensus’ executive leadership team, reporting to Musto.

“With today’s announcement, Rise and Newport we have taken an important step in our journey towards a stronger and more unified company,” said Musto. “Customers in our lines of business will benefit from our expanded capabilities—accelerated investments in technology, data analytics, and user experiences—and expanded expertise. And both Ascent and Newport associates can look forward to new opportunities for personal growth and enhanced professional development.”

“rise and Newport we share a passion for helping people save for their futures and supporting the growth and success of our partners,” said Ramanis. “We look forward to continuing that mission as a combined company.”

With industry-leading qualified and non-qualified retirement plan services, bank and corporate life insurance practices (COLI and BOLI), fiduciary and fiduciary solutions, and other total rewards capabilities, Newport extends the services and expertise that Ascensus provides to its clients and advisory partners. from Newport customers will benefit from increased access to unique tax-advantaged retirement, education and health savings solutions provided by Ascensus. The combined company’s investments in technology, digital capabilities and analytics will deliver greater value to customers, expand customer relationships and create even better outcomes for savers.

The Ascensus and Newport brands remain in use at closing, with the Ascensus brand representing the unified company.

“Our goal for the coming months is the successful unification of our company, based on the principle of ‘the best of the best’ and our shared cultural attributes, and executed taking into account primarily the interests, quality and stability of relationships with our customers,” Musto added. “As a unified organization, Rise and Newport share a strong commitment to serving our customers and offering more, through the tax-advantaged healthcare, education and retirement savings expertise that Ascensus is known for, and by capitalizing on from Newport well-established qualified and non-qualified retirement services, as well as fiduciary and COLI/BOLI capabilities.”

Evercore acted as exclusive financial advisor to Newport in connection with the transaction.

Goldman Sachs Bank USASPC Financing Company LLC and KKR Capital Markets LLC led the financing consortium.

Simpson Thacher & Bartlett LLP acted as transactional advisor to Ascensus and Kirkland & Ellis LLP acted as financial advisor to Ascensus. morgan lewis & Bockius LLP acted as legal advisor to Newport.

About the ascent

Ascensus helps millions of people save for what matters: retirement, education and health care. Through co-branded, private-label, and other government partnerships, our technology, market insights, and commercial insight enhance the growth and success of our partners, their customers, and savers. Ascensus is a leading provider of record keeping services, third party administrator and facilitator of government savings in the United States. For more information, visit ascensus.com.

About Newport

Based in Walnut Creek, Calif., Newport is a leading provider of retirement services that helps employers, and the advisers who serve them, prepare employees for a more financially secure retirement. The company has more than $150 billion in retirement assets under management and more than $300 billion in corporate retirement assets and insurance. Newport maintains investment objectivity, fee transparency, and a commitment to flexible and responsive service. With an exceptional team of nearly 1,500 retirement, insurance and consulting professionals, the company provides retirement solutions tailored to the needs of employers of all sizes, from small businesses to the Fortune 1000. Visit newportgroup.com.

SOURCE Ascent

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