National Investment Managers Inc. has acquired the Pension Alliance Inc. for about $4.6 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 Pension Alliance acquisition, it was administering 8,000 retirement plans with $8 billion in plan assets.
Pension Alliance, Harrisburg, Pa., a firm that was founded in 1988, administers 1,000 retirement plans with about $1 billion in assets.
Renee Conner, chief executive of the Pension Alliance, will has become a National Investment shareholder, and the Pension Alliance brand will not change, National Investment says.