DRESHER, PA — Ascensus has completed its acquisition of AmericanTCS, expanding the financial-services company’s retirement, trust and custody, and technology operations as it seeks greater scale serving advisors, recordkeepers, third-party administrators and asset and wealth managers.
The transaction adds AmericanTCS’s retirement and fiduciary capabilities to Ascensus, including broader support for pooled employer plans, or PEPs, which allow multiple employers to participate in a common retirement plan.
AmericanTCS also brings trust and custody services supporting recordkeepers, advisors, third-party administrators, asset managers and other institutional clients.
Technology acquired through the deal includes PensionPro, Hub+ and ERISApedia, platforms used for retirement-plan administration, workflow management and regulatory information.
“Together, we are expanding the scale, capabilities, and technology we deliver across the savings ecosystem,” Ascensus Chief Executive Officer Nick Good stated, citing opportunities to help partners serve small- and mid-sized businesses.
Ascensus plans to integrate AmericanTCS while maintaining continuity for existing clients. The acquisition also adds personnel across retirement, trust and custody, investment and wealth management, and technology operations.
Tim Friday, formerly president and chief executive officer of American Trust Custody, will serve as president of trust and custody. He stated that joining Ascensus provides AmericanTCS with additional resources and technology capabilities for serving its clients and partners.
The companies had previously disclosed the planned acquisition but did not provide financial terms.
Lazard Frères & Co. LLC and J.P. Morgan Securities LLC advised Ascensus on the transaction, while DLA Piper LLP (US), Simpson Thacher & Bartlett LLP, Ropes & Gray LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal counsel.
Raymond James served as AmericanTCS’s financial adviser, with Kirkland & Ellis LLP providing legal counsel.
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