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Deals & People June 20, 2011
Pension Specialists to Rebrand as Verisight
Pension Specialists, Inc. (PSI) has acquired Human Capital Services, a division of RSM McGladrey, Inc., and the new entity will be rebranded as Verisight, Inc.
Reported by Nevin E. Adams
The acquisition
expands PSI’s retirement plan services to include retirement recordkeeping and administration;
actuarial services; employee-stock ownership plans (ESOPs); compensation and employee benefits consulting;
and enhances the full suite of services the company already provides to its
retirement plan clients. The transaction is expected to close within 60
days.
“The addition of RSM McGladrey’s Human Capital Services adds tremendous breadth to our business solutions,” said Greg Tschider, Chief Executive Officer of Pension Specialists, Inc. “This acquisition reflects our dedication to expanding our product line and our geographic reach while maintaining our focus in the retirement plan space.”
Rebranding
The combined company will assume a new name, Verisight, Inc. Verisight means “truthful insight”, which the firm said is consistent with its “commitment to be a trusted client partner driven by core values of honesty and integrity.” Verisight will have 12 office locations and provide services to retirement plan clients with more than $13 billion of assets.
The complete set of solutions also includes those provided by wholly-owned subsidiaries: NextStep Defined Contribution, Inc. (“NextStep”), a provider of recordkeeping and administrative services for retirement plans through advisers and intermediaries, and Retirement Services Trust Company (“RSTC”), a non-depository trust company providing directed non-discretionary trustee and custodial services exclusively to retirement plan clients.
To ensure continuity after the transaction is completed, Verisight and McGladrey will maintain a strategic relationship through a joint marketing agreement.
“We look forward to a lasting relationship with Verisight,” said Mike Stokke, RSM McGladrey’s National Client Service Strategy and Delivery Leader. “McGladrey will continue to work closely with Verisight to provide a full range of integrated and seamless solutions to clients of both organizations.”
Upon closing, Human Capital Services will immediately begin to use the new name. Rebranding of the other business lines will be implemented throughout the remainder of 2011, according to the announcement.
Pension Specialists, Inc. was founded in 1985 and is headquartered in California. Either directly or through its subsidiaries, PSI offers a fully bundled retirement plan solution with an unlimited set of investment options and full price transparency for employers and plan sponsors.Through NextStep Defined Contribution, Inc., PSI offers bundled retirement plan solutions to financial advisers for the benefit of their retirement plan clients. Through Retirement Services Trust Company (“RSTC”), PSI offers non-discretionary, directed trustee services to PSI retirement plan clients. PSI also offers flex plan administration through its subsidiary 125MAX, LLC.
More information is available at http://www.verisightgroup.com.