December 22, 2010 (Indianapolis) – Nyhart (www.nyhart.com), one of the nation’s largest independent actuary and employee benefits consulting firms, announced the acquisition of one of the Kansas City, MO based business units of Alliance Benefit Group North Central States (www.abgncs.com).
The investment expands Nyhart’s client base and gives ABG’s Kansas City operations an opportunity to focus on its core business of providing retirement plan investment and fiduciary consulting along with daily valuation recordkeeping services to their clientele.
Both companies share a long-term partnership and are licensees of Alliance Benefit Group®, a national network of independently owned retirement plan administration and consulting firms. Through this partnership, the Kansas City marketplace will now have access to all types of retirement plan services including Defined Benefit Plans, Employee Stock Ownership Plans (ESOP’s), and traditional 401(k) recordkeeping and consulting services for any and every business regardless of size or structure.
The purchase is part of Nyhart’s strategic plan as it expands nationally. “We’re investing heavily in our business and this expansion plays to our strengths, “ said Thomas Totten, Nyhart CEO.
“This is a win-win deal for our organization and our clients,” said Grant S. Arends, President of ABG of Kansas City Inc. “Nyhart has a stellar reputation in ESOP, government compliance and third-party benefit administration so I know customers will benefit from their experience. With this purchase, we can now focus our Kansas City team around what we do best.
Clients affected by the sale will immediately gain access to a variety of experts at Nyhart. “Our team of retirement advisers, actuaries and plan administrators have specific expertise advising the types of clients that will be part of this acquisition,” said Dave Van Ness, a principal at Nyhart. “We’re pleased that ABGNCS recognized our experience and trusts us to take over this division of their business. There should be an immediate value seen by every client.”
Financial details of the acquisition were not disclosed. Nyhart will establish a presence in Kansas City providing a seamless transition for clients, potential clients, and key relationships. Local Kansas City personnel will be relocating to new offices in the coming weeks. The staff will report to Van Ness who will remain based at Nyhart’s Indianapolis headquarters.
About Nyhart
Nyhart is one of the nation’s largest independent actuary and employee benefits consulting firm, operating since 1943. Nyhart is composed of actuaries, consultants, attorneys, accountants, and administrators, many of which have prior experience working at international consulting firms focusing in pension and retirement fund analysis, retirement benefits consulting and administration of employee benefits for private and public companies around the United States.
About Alliance Benefit Group of Kansas City
With offices in Minneapolis and Albert Lea, Minnesota and Kansas City, Missouri, ABG is an employee benefits consulting and administration firm serving clients by offering state-of-the-art employee benefits services with a specialty in daily valuation employee retirement account administration and investment advisory services. The firm provides services to over 2,000 corporate clients representing over 100,000 participants with over $4 billion dollars in retirement plan assets.
For more information contact: James Burnes, media relations, (317) 512-3612 or media@nyhart.com or Dave Van Ness, prinicipal, at 317-845-3500 or dave.vanness@nyhart.com