Ascensus Announces Agreement to Acquire Polycomp Administrative Services, Inc.

Increases Depth of Experience in Retirement Plan Design and Compliance Administration While Expanding West Coast Presence

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Ascensus

Oct 23, 2017, 16:00 ET

DRESHER, Pa., Oct. 23, 2017 /PRNewswire/ -- Ascensus, a technology-enabled solutions provider that helps more than 7 million Americans save for the future, has entered into an agreement to acquire Polycomp Administrative Services, Inc. (Polycomp). The retirement plan design and benefit plan administrative services firm will immediately become part of Ascensus' retirement division.

Polycomp, which has offices throughout California in Roseville, Woodland Hills, and San Diego, provides client-specific solutions and services for self-directed IRAs, qualified plans, and prevailing wage trusts. Founded in 1974, the firm works with over 5,000 clients and administers approximately 1,500 plans. It is also home to dozens of credentialed associates who hold certifications from the American Society of Pension Professionals & Actuaries, the National Institute of Pension Administrators, and the Institute of Certified Bankers.

"Polycomp is nationally recognized as a leader in retirement plan consulting and administrative services," states Shannon Kelly, Ascensus' president of retirement. "The climate of mutual trust and purpose that they've created is attractive not only to its clients, but also to its associates—many of whom have been with the firm for more than 10 years. Ascensus gladly welcomes these new associates and the expertise they can share with our clients to help them prepare for the future."

"Since Polycomp doesn't sell or recommend investments to our clients, we can focus our efforts on client objectives and collaborating with other experts in the accounting, financial planning, and investment fields," says Donna Harmon, Polycomp's chief operating officer. "Becoming part of Ascensus and gaining access to all of its resources will allow us to continue to provide the highest level of expertise in retirement plan design and compliance administration."

"The acquisition of Polycomp is an excellent proxy to our diversified growth strategy, as Polycomp's solutions span not only our core retirement third-party administration markets, but also the self-directed IRA, trust administration, and compliance areas," says Raghav Nandagopal, Ascensus' executive vice president of corporate development and M&A. "In addition to these adjacencies, we continue to aggressively pursue acquisition opportunities in college solutions, health solutions, benefit administration, and other logical areas."

About Ascensus

Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare— through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports approximately 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.6 million IRAs and health savings accounts. As of June 30, 2017, Ascensus had over $155 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.

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SOURCE Ascensus