PNC Bank is selling its defined contribution plan record-keeping business, Vested Interest, to Walnut Creek, California’s Newport Group Inc. The transaction will enable PNC to focus on providing fiduciary investment advice to retirement clients — one of its core businesses — while helping Newport expand through the complementary acquisition.
- Vested Interest currently provides record-keeping and administration services to plans with approximately $17 billion of assets under administration. The business will now operate as part of Newport Group, a national provider of retirement plans, insurance and consulting services with more than $250 billion of corporate retirement and insurance assets.
- All PNC Bank employees supporting the defined contribution plan record-keeping business will be joining Newport Group.