Invesmart Inc., a Pittsburgh retirement financial services company, said Tuesday that it had agreed to be bought by StanCorp Financial Group Inc.
StanCorp, through its wholly owned subsidiaries Standard Insurance Co. and Standard Life Insurance Co. of New York, sells employee benefits products and services. Invesmart is to operate as a subsidiary of StanCorp and become part of its recently formed asset management group.
StanCorp, in Portland, Ore., said the purchase price is about $85 million. Invesmart has about 3,400 retirement plans with assets under administration of more than $10 billion.
The deal, which is expected to close within three months, would give retirement plan customers of StanCorp access to RightPath, Invesmart's defined contribution plan. RightPath is a participant-focused approach to traditional defined contribution plans. Under this program, investment advisers have face-to-face dialogue with participants during the enrollment meeting regarding their financial situation for retirement and offer them individualized saving and investing tools and strategies.
