Small Plan Expertise Helps Close a Big Deal

Ascensus helps a top global investment bank expand an important partnership.

Leading investment bank and asset servicer ("the bank")

Clients in 35 countries

$41.1 trillion in assets under custody and administration

$2.2 trillion in assets under management

To make it work, the bank needed a partner with the capabilities and expertise to seamlessly plug into the overall opportunity.

THE CHALLENGE

Maintain continuity for an exceptional client experience and position for future growth.

The bank had an opportunity to expand their business with a top 10 global asset manager, with a requirement to assume custody, fund accounting and administration, and transfer agency services for nearly 5,000 individual 401(k) retirement plans—services the bank did not offer.

Additionally, they needed to provide consistently outstanding service for their current plans and support new sales.

THE SOLUTION

Outsource select retirement plan services.

When it came to choosing an outsourcing partner for retirement plans, the bank was confident that Ascensus would expertly transition clients to an established platform while delivering a world-class service experience. Already successful collaborators, the bank was providing Ascensus’ government savings business with custodial and trade agency services. Plus, Ascensus’ investment in open architecture enabled the bank to include their proprietary funds in the retirement plan investment lineup, creating additional revenue potential.

THE RESULTS

A partner gets the technology and expertise needed to close the deal.

By partnering with Ascensus, the bank expanded their individual retirement plan administration capabilities to meet the business requirements of the asset manager. A seamless transition of plans helped build client confidence and trust.

The transitioned plans enjoy a world-class2 service experience and a robust plan website that simplifies administration. Additionally, Ascensus will onboard and manage new individual 401(k) plans for the bank, creating a competitive advantage and maintaining an active revenue stream.

5,000

Individual

401(k) plans

100%

service

continuity¹

$617 million

in assets

96%

plan

retention

weekend

for transition

Ascensus' expertise covers all the bases and makes it easy, so clients feel confident and well cared for every step of the way.

ASCENSUS KEY DELIVERABLES		PARTNER BENEFITS
Ascensus Individual(k)™ retirement plan platform	→	Simplify plan administration and lower costs
Rigorous testing and efficient block transition	→	Transition smoothly and securely
Business oversight, steering, and governance	→	Meet project goals, timing, and budget
Dedicated, cross-functional team	→	Collaborate on planning, execution, and training
Cycle 3 restatement service	→	Ensure plan compliance as part of the transition
Custom client communications	→	Get the right information to the right audience at the right time

Wherever your business is headed next, we’ll help you get there.

Small Plan Expertise Helps Close a Big Deal

Leading Financial Services Firm Divests Retirement Business in Accelerated Timeframe

Small-Plan Partnership Drives Decade of Growth for a Leading Global Asset Manager

Learn more about institutional partnerships

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¹As of February 28, 2022.

²Net Promoter Score® (NPS) is a well-established metric that gauges client satisfaction by comparing the percentage of very satisfied customers (called Promoters) to the percentage of very dissatisfied customers (called Detractors). NPS ranges from -100 to +100 with 70+ considered world class. Ascensus’ overall client satisfaction has a +81 NPS for employers. Source: Ascensus NPS Data. June 30, 2022.