SageView Advisory Group says it has acquired an institutional retirement plan consulting firm that would substantially boost its assets under advisement.

Founded in 2005, MJM401k offers consulting services with a focus on Employee Retirement Income Security Act fiduciary governance, plan investments, vendor selection and management, fee benchmarking and retirement income planning and education for plan participants, according to SageView.

The acquisition of MJM401k, effective June 30, brings SageView eight employees as well as $17 billion in assets under management, represented by over 100 retirement plans, the company says.

MJM401k founder Michael Malone has joined SageView as a managing director, according to the company.

In the first quarter of 2021, SageView was acquired by Aquiline Capital in a deal that involved $120 billion in assets, according to Echelon.

Do you have a news tip you’d like to share with FA-IQ? Email us at editorial@financialadvisoriq.com.