OneDigital Investment Advisors has acquired Huntington National Bank’s 401(k) advisory and retirement plan servicing business, a wholly owned banking subsidiary of Huntington Bancshares Incorporated in Columbus, Ohio. Terms of the agreement were not disclosed.
The transaction with Huntington brings $5.6 billion in retirement plan assets under management (AUM) and 1,300 employers to the OneDigital platform, representing over one million participants and 41,000 individual accounts.
“Huntington and OneDigital share a commitment to serving the financial needs of working Americans, their advisers, and employers,” said Vincent Morris, president of Retirement + Wealth, OneDigital, in a press release issued Tuesday. “The addition of Huntington’s retirement plan business will create an even stronger service organization at OneDigital. We are excited to welcome the retirement plan employees from Huntington to the OneDigital Family and look forward to supporting the team in their continued service of our clients. We will continue to expand our capabilities for these plan sponsors, enhance our financial wellness and advice offerings and accelerate our value creation for all our stakeholders.”
“Huntington is strengthening our commitment to this business when many of our competitors are walking away. We started this journey the middle of last year with a goal to strategically partner with a company that shares Huntington’s vision to provide retirement plan solutions that create value for our clients by keeping them at the center of all we do, and we found that with OneDigital,” said Michael Robinson, executive vice president, director of Wealth Management at Huntington. “It is our collective goal to ensure our clients receive the same high standard of service they expect while gaining the technological excellence and deep product capabilities offered by OneDigital.”
The deal marks yet another firm added to OneDigital’s roster of acquisitions. Earlier this month, OneDigital announced its expansion to Arizona with the acquisition of 401K Resources and The Clear Group, and in February, the firm bought the Florida Pension Group, its 17th Florida office.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
