Eversheds Sutherland Advises Securian Financial in Sale of Retirement Plan Recordkeeping Business to The Standard

Eversheds Sutherland is pleased to announce that it advised Securian Financial Group, Inc. (Securian Financial) in entering into a definitive agreement to sell its retirement plan recordkeeping business to Standard Insurance Company (The Standard).

The Standard and Securian Financial are leaders in customer-centric retirement recordkeeping administration, compliance and fiduciary services. The transaction will significantly expand the scale and competitive position of The Standard’s retirement offerings in the US and will accelerate its diversification and growth in the retirement recordkeeping segment. As of Sept. 30, 2022, Securian Financial retirement plans served companies of all sizes with $17 billion in total assets under administration, compared to $29.3 billion for The Standard. The transaction is subject to customary closing conditions and is expected to close this year.

Eversheds Sutherland Partners Bert Adams, Kevin Finnegan, and Matthew L. Hazlett led the team in this transaction with assistance from Partners Brenna M. Clark, Carol T. McClarnon, Eric A. Arnold, Peter G. Pappas, M. Kristan Rizzolo, and Holly H. Smith, Counsel Stephanie J. Kim and Alexander F.L. Sand, Senior Counsel Eric R. Fenichel, and Associates Michele M. Spencer, Atiana J. Johnson, Erin D. Park, Conor M. Jennings, Caitlyn G. Naylor, and Of Counsel James R. McGibbon. 

About Eversheds Sutherland 
As a global top 10 law practice, Eversheds Sutherland provides legal services to a global client base ranging from small and mid-sized businesses to the largest multinationals, acting for 79 of the Fortune 100, 65 of the FTSE 100 and 134 of the Fortune 200.

With more than 3,000 lawyers, Eversheds Sutherland operates in over 70 offices in more than 30 countries across Africa, Asia, Europe, the Middle East and the United States. In addition, a network of more than 200 related law firms, including formalized alliances in Latin America, Asia Pacific and Africa, provide support around the globe.

Eversheds Sutherland provides the full range of legal services, including corporate and M&A; dispute resolution and litigation; energy and infrastructure; finance; human capital and labor law; intellectual property; real estate and construction; and tax. 

Eversheds Sutherland is a global legal practice and comprises two separate legal entities: Eversheds Sutherland (International) LLP (headquartered in the UK) and Eversheds Sutherland (US) LLP (headquartered in the US), and their respective controlled, managed, affiliated and member firms. The use of the name Eversheds Sutherland is for description purposes only and does not imply that the member firms or their controlled, managed or affiliated entities are in a partnership or are part of a global LLP. For more information, visit eversheds-sutherland.com.