MADISON, Wis. — CUNA Mutual Group said it has some aggressive plans in the works to acquire businesses in the 401(k) provider space.
The company said it currently offers 4,500 plans to 105,000 participants and is the largest 401(k) provider in the credit union industry with a 60% market share. According to Kevin Thompson, vice president, asset accumulation products at CUNA Mutual, a three prong strategy has been presented to the company's board that includes maintaining and growing its credit union business, increasing distribution and buying 401(k) providers.
“We're pretty aggressively looking to acquire businesses in the 401(k) space,” Thompson said. “It is a demonstration to the commitment of [CUNA Mutual's] product.”
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