National Investment Manager Inc. has acquired National Actuarial Pension Services Inc. for about $2.5 million in cash and notes.
National Investment, New York, is a financial services firm consolidator that is buying pension plan administration, investment management and insurance businesses.
Before National Investment made the National Actuarial acquisition, it was administering 6,400 retirement plans with $6.3 billion in plan assets.
National Actuarial, Houston, administers 600 retirement plans with $600 million in assets. The 26-year-old firm has 15 employees.
Charles McLeod, president of National Actuarial, will stay with the firm as it integrates with National Investment, National Investment says.