Hartford Financial Services Group Inc. has completed its acquisition of Sun Life Retirement Services Inc. from the U.S. division of Sun Life Financial Inc. of Toronto. The deal was announced in December, along with two other acquisition deals to expand Hartford's retirement plans business.
Sun Life Retirement Services provides record keeping and administrative services to defined contribution plans. The acquisition adds nearly $17 billion of assets across 6,200 plans and 450,000 retirement plan participants to Hartford's retirement plan business, along with new service outlets in Boston and Phoenix.
Hartford completed its deal for TopNoggin, a Powell, Ohio, defined benefit and administrative consulting firm, on Jan. 2. It expects to close its deal for the alliance business of Princeton Retirement Group of Atlanta, a record keeper to large financial firms, this quarter.
Hartford's retirement plans group had $28.5 billion of assets under management on Dec. 31, 16% more than a year earlier.
