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Saturday, Apr 20, 2024
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OneAmerica to Acquire City National’s Retirement Services

OneAmerica Financial Partners, an insurance company based in Indianapolis, said it’s entered an agreement with City National Bank, based in Beverly Hills, to acquire City National’s San Diego-based retirement services record keeping business for an undisclosed price.

City National’s business unit here manages more than 240 retirement plans with 40,000 participants and has $6.5 billion in assets under administration. OneAmerica’s retirement services division is much larger, with 10,000 plans, 680,000 participants, and more than $24 billion in assets, the companies said.

The transaction is expected to close later this year. At that time, the business will adopt the name OneAmerica Retirement Services LLC. OneAmerica said it will continue business operations from the San Diego location and that clients will continue to work with their current service team.

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