Ascensus Announces Agreement to Acquire Provident Trust Group

Addition of one of the largest alternative asset custodians in the country provides firm with access to self-directed IRA market and increases retirement savings options for its growing client base

Dresher, PA—October 17, 2017—Ascensus, a technology-enabled solutions provider that helps more than 7 million Americans save for the future, has entered into an agreement to acquire Provident Trust Group (Provident). Completion of the acquisition is subject to customary closing conditions including regulatory approval. Provident, a non-discretionary administrator and custodian of IRA assets, will become part of Ascensus’ retirement division immediately upon closing of the acquisition.

Located in Las Vegas, Provident is one of the top independent providers of trust, custody, administration, and escrow services to the self-directed IRA markets. The firm, which was founded in 2008, has more than $4 billion in assets under custody and nearly 30,000 clients located in all 50 states. Its clients range in size from small family trusts to multi-million dollar accounts and include individuals, multi-generational families, and family offices, as well as retirement accounts.

“Welcoming Provident and its dedicated team of associates to the Ascensus family allows our company to participate in the large and growing self-directed IRA markets that are focused on traditional and alternative asset classes,” states Shannon Kelly, Ascensus’ president of retirement. “In the end, this acquisition is about offering our clients even more ways to save for the future; we’re delighted to add additional market and product extensions to our technology-enabled solutions and services.”

“Provident’s stated mission has been to empower customers to self-direct their retirement assets through innovative retirement plan solutions, ease of access, and an extraordinary customer experience,” says Theresa Fette, Provident’s chief executive officer. “By joining Ascensus, we’re reaffirming our commitment to a marketplace that provides clients with greater visibility and access to alternative assets.”

“Ascensus views Provident as an anchor business with best-of-breed technology platforms that leverage digital, e-signature, workflow, document management, and trust accounting capabilities,” adds Raghav Nandagopal, Ascensus’ executive vice president of corporate development and mergers & acquisition. “It also holds the potential for additional bolt-on acquisition opportunities to create significant scale, efficiency, and margin expansion.” Macquarie Capital served as exclusive financial advisor and Howard & Howard acted as legal counsel to Provident. Drinker Biddle & Reath acted as legal counsel to Ascensus.

About Ascensus
Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare— through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports approximately 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.6 million IRAs and health savings accounts. As of June 30, 2017, Ascensus had over $155 billion in total assets under administration. For more information about Ascensus, visit ascensus.com. View career opportunities at careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.

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CONTACT:
Roberta Hess
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Ascensus
Tel: 215-648-1426
Media@ascensus.com