Stone Point, Genstar Take Joint Ownership of $1.3T Ascensus
Ascensus, a Dresher, Pa.-based provider of tax-advantaged savings solutions that oversees more than $1.3 trillion in assets under administration, announced a new ownership structure co-led by private equity firms Stone Point Capital and Genstar Capital, with each firm investing new capital and holding equal stakes in the company. The firms expect to close the transaction in the coming months.
Greenwich, Conn.-based Stone Point is reupping its majority ownership of Ascensus, which it took in 2021 alongside Singapore sovereign wealth fund GIC. At that time, it bought out Genstar Capital and Aquiline Capital Partners, two early investors in the wealth management sector. Genstar now returns in a co-ownership role, with GIC maintaining a minority stake, according to the announcement.
With the new setup, Ascensus will continue to operate with its current client relationships and service model, along with its leadership team, including CEO Nick Good.
“Stone Point’s decision to continue as an owner paired with Genstar’s decision to return as an owner is a powerful endorsement of our long-term strategy, our people and the strength of our business,” Good said in a statement.
The firm did not respond to a request for comment on whether some executives were exiting the transaction or taking equity out of the firm.
In the announcement, Good said the new investment will be put toward “investing in technology and AI, client service and experience, and the broader capabilities that will fuel our long-term growth.” Ascensus has also acquired adjacent businesses in recent years.
This August, it completed the acquisition of AmericanTCS, bringing on new trust and custody, pooled employer plan, and fiduciary capabilities. It has also been seeking to capture growth in workplace retirement plans, being spurred on by regulation and tax benefits.
Also in August, it announced an expansion of its small-business retirement offering, Ascensus Essentials, making it easier for small businesses to open retirement plans. In June, it launched a pooled employer plan for the nonprofit sector.
The recent moves are under a relatively new CEO, with Good promoted to the role in October 2025 after being hired as president in 2023.
Ascensus currently has more than 16 million savers and more than $1.3 trillion in assets under administration.
J.P. Morgan Securities, Bank of America Securities and Wells Fargo advised Ascensus on the new ownership structure. Lazard Frères advised Stone Point, and Morgan Stanley and Goldman Sachs advised Genstar.
