The Standard announced today it has closed the deal to acquire Securian Financial’s retirement plan recordkeeping business in according with terms of the agreement first reported on Oct. 18.
“This transaction brings together two respected organizations and is an important milestone in our measured growth in the retirement plan marketplace.”
The Standard’s Dan McMillan
“This transaction brings together two respected organizations and is an important milestone in our measured growth in the retirement plan marketplace,” said Dan McMillan, president and CEO of The Standard. “I look forward to welcoming Securian Financial’s retirement plan employees, customers and partners to The Standard.”
The acquisition combines the recordkeeping business of two providers with deep expertise in retirement plan administration, award-winning customer service and a shared focus on fiduciary protections. The business will operate under The Standard brand and include Securian Financial’s retirement solutions employees, management, client relationships and distribution networks. The companies are committed to a seamless transition for clients.
“This transaction positions Securian Financial to accelerate our growth in priority markets and help our customers build secure tomorrows,” said Chris Hilger, Securian Financial’s chairman, president and CEO. “After collaborating with The Standard in recent months, I am confident bright days lie ahead for both companies.”
The Standard, founded in 1906 and headquartered in Portland, Ore., has offered retirement plans since 1982 with an emphasis on small to mid-sized plans. Securian Financial, founded in 1880 and headquartered in St. Paul, Minn., offers a similar suite of defined contribution and defined benefit products and services and is equally recognized by industry publications, financial professionals and plan sponsors for excellent customer service and fiduciary services.
As of Sept. 30, 2022, Securian Financial retirement plans served companies of all sizes with $17 billion in total assets under administration, compared to $29.3 billion for The Standard.
“The Standard is deeply committed to the retirement plan business, and the wealth of talent joining us from Securian Financial furthers our capabilities to offer differentiated service for plan sponsors, participants and distribution partners,” said AJ Ijaz, vice president of the Asset Management Group at The Standard. “I’m excited to bring to market our combined expertise, comprehensive suite of retirement solutions and customer-first approach.”
SEE ALSO:
• More M&A: The Standard Will Buy Securian’s Recordkeeping Business