COLUMBUS, Ohio Nationwide Financial Services Inc. said Thursday that it had bought the 49% it did not already own of Diversified Pension Services, a Miami company that administers Nationwide qualified retirement plans in 42 states and Puerto Rico.
The seller was B. Allen Schwartz, Diversifieds president. The price was not disclosed.
The pension company, now renamed, Nationwide Retirement Plan Services Inc., handles 4% of Nationwides pension plan business, more than any other administrator.
Nationwide bought its first stake in 1997, having hired the company in 1989 to administer its Best of America product line.
Its 60 employees support agents as well as Nationwide Financial wholesalers in the investment dealer, financial institutions, and wirehouse channels. The company also helps distributors market Nationwide products and provides plan administrative services.
Nationwide Financial, the holding company for the retirement savings and income operations of Nationwide Mutual Insurance Co., provides annuities, life insurance, retirement plans, mutual funds, and other financial services to individuals and institutional clients.