Creative Planning to Buy $110B Retirement Unit

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What You Need to Know

  • The new business will be known as Lockton Retirement Services, an Offering of Creative Planning.
  • As part of the arrangement, Lockton will take a minority interest in Creative Planning.
  • Terms of the deal, which is expected to close before year-end, were not disclosed.

Creative Planning and Lockton Companies have announced a new partnership to provide advisory services to corporate retirement plans and their participants.

Creative Planning will buy the unit from Lockton, according to a company spokesperson. Terms of the deal between the Kansas City, Missouri-based private companies were not disclosed, though both firms did said they expect the transaction to close by year-end.

The business will be called Lockton Retirement Services, an Offering of Creative Planning. As part of the arrangement, Lockton will take an equity position in Creative Planning “to underscore the firms’ mutual commitment,” according to a joint announcement.

The new partnership will bring $110 billion in assets under advisement to Creative Planning, which recently said it had reached $100 billion in assets under management, according to CEO Peter Mallouk.