A benefits giant has acquired a retirement services firm.
StanCorp Financial Group Inc., Portland, Ore., is paying about $85 million for Invesmart Inc., Pittsburgh.
Invesmart helps manage more than 4,000 retirement plans with about $10 billion in assets. It also has sales and service offices in 20 cities outside of Pittsburgh, and it has a participant counseling strategy that emphasizes face-to-face meetings with investment advisors.
Invesmart will operate as a subsidiary of StanCorp and will become part of StanCorp’s new asset management group, according to StanCorp.
StanCorp is the parent of Standard Insurance Company.