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Deals & People July 1, 2009
Ascensus Takes CUNA IRA Services Division
Ascensus announced that it has signed an agreement to acquire CUNA Mutual Group’s IRA Services division.
Reported by Rebecca Moore
Based in Madison, Wisconsin, IRA Services provides IRA and health savings account education, and compliance products and services to more than 4,000 credit unions nationwide, according to a press release. The transaction is expected to close on or about July 31, and is subject to customary closing conditions.
“IRA Services strengthens and complements many of the products and services Ascensus offers today,” commented Steve Christenson, senior vice president, Ascensus, in the release. “It has a number of products that suit our overall client base, even outside of the credit union market.’
The existing employees of CUNA Mutual Group’s IRA Services division, along with the current management structure, will remain with the business and operate as a part of the Retirement Products & Solutions Group within Ascensus.
CUNA Mutual Group recently announced it will acquire CPI Qualified Plan Consultants, Inc., a large recordkeeper in Great Bend, Kansas (see “CUNA Mutual Acquires CPI’).