A financial services company is continuing to expand its retirement services operation through acquisitions.
The Simsbury, Conn., life and retirement arm of Hartford Financial Services Group Inc., Hartford, has agreed to acquire the defined contribution recordkeeping alliance business of Princeton Retirement Group Inc., Atlanta, from Merrill Lynch & Company Inc., New York.
The alliance business sells recordkeeping services to large providers of 401(k) plans and other types of defined contribution retirement plans.
The alliance business supports 720 plans with 170,000 participants and about $7 billion in plan assets, Hartford says.
The price of the deal was not available, but Hartford will offer jobs to about 200 alliance business employees and to keep the business’s current offices in Atlanta and in Winston-Salem, N.C., Hartford says.
In the past few weeks, Hartford also has agreed to buy a 401(k) plan business from a unit of Sun Life Financial Inc., Toronto, and a defined benefit plan administration firm.