Resources Trust Co., a subsidiary of SunAmerica Inc., is buying servicing rights to $1 billion in individual retirement plan assets from a unit of the New England Mutual Life Insurance Co.
The deal is expected to be completed by midyear. Terms were not disclosed.
Upon completion of the acquisition, the Englewood, Colo.-based trust company will have more than $7 billion in retirement plan assets under administration.
It will also boost the company's account base by 50,000, to 200,000 individual retirement plan accounts.
