It was the part of the business that BB&T didn't buy.
Not included in the deal was Crump's Ascensus retirement-services division, which happens to be based in Upper Dublin Township, Montgomery County.
Unless you're a small or mid-size employer that provides a 401(k) or other plans to your employees, you probably haven't heard of Ascensus, which was called Bisys Retirement Services from 1993 until the name was changed in October 2007.
New York-based Bisys Group Inc. had multiple offices in the Philadelphia area for its retirement- and insurance-services businesses before consolidating them into the current location built for it by SJP Properties in the Montgomery Corporate Center in 2002.
When Citigroup Inc. agreed to buy Bisys for $1.45 billion cash in May 2007, the financial giant was seeking to boost its position in providing services to hedge funds and mutual-fund families. At the deal's closing that August, Citi sold the Bisys Retirement and Insurance Services businesses to J.C. Flowers & Co. L.L.C., a private-equity firm, for a reported $650 million.
Flowers combined the Bisys businesses with the Roseland, N.J.-based Crump, which the private-equity firm had acquired from the insurance brokage and risk-management firm Marsh Inc. in 2005.
Though the ownership of Ascensus won't change with the closing of Crump's purchase by BB&T during the first quarter, Ascensus will be on its own and led by its president, Bob Guillocheau. Today, Ascensus employs about 1,000 people, including 450 in Upper Dublin and the same number in Brainerd, Minn.
Earnings
Tuesday:
GlaxoSmithKline, Knoll, Lannett Co., Liberty Property Trust, Vishay Intertechnology; Wednesday:
Brandywine Realty Trust, FMC, USA Technologies, Vishay Precision Group; Thursday:
Bioclinica, Gardner Denver, Rait Financial Trust; Friday:
PPL.
Contact Mike Armstrong at 215-854-2980 or marmstrong@phillynews.com, or @PhillyInc on Twitter. Read his blog, "PhillyInc," at www.phillyinc.biz.
