Case Study: Selective Outsourcing
Small Plan Expertise Helps Close a Big Deal
Ascensus helps a top global investment bank expand an important partnership.
Partner
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 |
1 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.
More thought leadership
Learn more about institutional partnerships
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.
