National Investment Managers Inc., a New York retirement plan administration and investment management company, announced last week that it has closed its purchase of Pension Alliance Inc. of Harrisburg, Pa.
The acquisition was valued at $4.6 million, with $3.25 million paid in cash, $675,000 in notes, and $675,000 in common stock at a price of 62 cents a share.
Pension Alliance, which has offices in Philadelphia, Baltimore, and Boston, offers third-party administration to firms providing retirement planning services to small-business owners. It serves about 1,000 plans and has $1 billion of assets under administration.
The acquisition, National Investment Managers' ninth, brought its assets under administration to $9 billion.
