ABG Carolina Acquires Brown Edwards
CHARLOTTE, NC, January 24, 2012 -- Alliance Benefit Group Carolinas, Inc. (dba Alliance Benefit Group-Pentegra), a subsidiary of Pentegra Services, Inc., a national provider of retirement products and services, has announced that it is acquiring Brown Edwards & Associates, Ltd.'s qualified plan administration business.
Alliance Benefit Group-Pentegra will administer these plans, with the transition expected to be completed over the next several months. Acquired by Pentegra Services, Inc. in 2011, Alliance Benefit Group-Pentegra is a full-service, third party retirement plan administration and recordkeeping firm with locations in North and South Carolina. The company currently provides services to over 2,400 clients.
Stated Pentegra and Alliance President and CEO Robert Albanese, "The acquisition of this business fits well with our growth objectives and supports our strategy of expanding market share in the third party administrative services area."
The transaction will significantly increase the services available to Brown Edwards & Associates' clients and advisor partners. Clients will now have access to a full array of retirement plan services, including custom plan design, ongoing plan consulting, daily valuation administration and recordkeeping, flexible fully customizable open-architecture arrangements, legal and technical support, plan compliance and fiduciary services, education and communications and sponsor and participant 24/7 web access. In addition, Alliance Benefit Group-Pentegra offers an even more comprehensive array of retirement plan designs, including 401k plans, 403(b) plans, Cash Balance plans, Defined Benefit plans, KSOPs and ESOPs.
While clients will be serviced in Alliance Benefit Group-Pentegra's Charlotte and Greenville locations, Brown Edwards & Associates will continue to have a presence in the greater Charleston area. Stated Albanese, "We deeply value the relationships that Brown Edwards & Associates has built with its clients. As an organization, we are fully committed to continuing to provide both clients and advisor-partners with the very best retirement programs and services, with the added advantage of the deep bench strength and experience that we can offer."
"We are very pleased to have reached this agreement," said Tom Brown, Vice President of Brown Edwards and Associates. "We believe our clients will be well served. Alliance Benefit Group-Pentegra's business goals and corporate culture fit well with our organization and the principles we value. It is our expectation that this transaction will also provide our advisor-partners with a greater depth of resources along with expanded business development opportunities."
About Pentegra
Pentegra is a leading provider of retirement products and services to organizations nationwide. Founded by the Federal Home Loan Bank System in 1943, today Pentegra's retirement solutions are as diverse as the clients it serves. Pentegra offers a comprehensive array of full service retirement programs, including 401k plans, defined benefit pension plans, ESOPs, KSOPs, profit sharing plans, 403(b) and non-profit plans, 457(b) and 457(f) plans, executive benefit and director plans, BOLI and full-service private label retirement programs. For more information, go to www.pentegra.com.
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