OneDigital Investment Advisors has acquired the 401(k) advisory and retirement plan servicing business of Huntington National Bank, OneDigital announced in a news release Tuesday.
Terms of the deal were not disclosed.
The acquisition adds 1,300 employers with $5.6 billion in retirement plan assets under management to OneDigital's platform. The addition of Huntington's retirement teams also bolsters OneDigital's current teams in Columbus, Cleveland, Detroit and Pittsburgh.
"Huntington and OneDigital share a commitment to serving the financial needs of working Americans, their advisers and employers. The addition of Huntington's retirement plan business will create an even stronger service organization at OneDigital," said Vincent Morris, president of retirement and wealth at OneDigital, in the news release.
The transaction follows a flurry of acquisitions of retirement services-related businesses made by OneDigital over the past three years, including the purchase last month of Arizona-based retirement services firms 401K Resources and The Clear Group.
OneDigital Investment Advisors, a subsidiary of insurance broker OneDigital, is a relative newcomer to the retirement plan consulting business. The parent company initiated its push into retirement plan and wealth management services in February 2020 with the purchase of $45 billion RIA firm Resources Investment Advisors and a slew of affiliated firms, including Bukaty Cos. Financial Services, Cafaro Greenleaf and Chepenik Financial.
As a result of the acquisitions, OneDigital now has approximately $115 billion in assets under management, representing over 1 million participants.
