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Fulton Financial (FULT) Buys BenefitWorks, Boosts AUM Balance

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Fulton Financial Corporation (FULT - Free Report) has acquired all outstanding stock of BenefitWorks, Inc. The company completed the acquisition through its subsidiary, Fulton Bank, N.A. on Nov 20. Terms of the deal have not been disclosed yet.

The Lebanon, PA-based BenefitWorks is a registered investment advisor and retirement services firm. The firm's strength lies in providing investment advisory services and qualified retirement plan, record keeping for companies, organizations and individuals across the mid-Atlantic region. As of Sep 30, 2020, it had about $177 million in asset under management (AUM) or administration.

Initially, BenefitWorks will operate as a separate subsidiary of Fulton Bank. Subsequently, over the next quarters, its clients will be transitioned to the Fulton Financial Advisors (Fulton Bank’s wealth management division) platform. Fulton Financial Advisors had nearly $12 billion in AUM or administration.

Brooks Trefsgar, president of BenefitWorks said, "BenefitWorks is excited for our qualified plan clients and our individual investors. Plan sponsors, plan participants and individual investors will all benefit from familiar continued hands-on services and will be the beneficiaries of many Fulton enhancements."

Curtis Myers, chairman and chief executive officer (CEO) of Fulton Bank noted, "Through our acquisition of BenefitWorks, Fulton will be able to reach and serve a greater number of clients in central Pennsylvania. We have been meeting with BenefitWorks’ clients to share what Fulton has to offer: outstanding service, a solid reputation and best-in-class products."

The latest acquisition will fortify Fulton Financial’s presence in the mid-Atlantic region. Further, the company will witness a rise in AUM balance and number of clients.

Shares of Fulton Financial have depreciated 26.9% so far this year compared with the 25.2% fall of the industry it belongs to.


Currently, the company carries a Zacks Rank #2 (Buy).

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