Mesirow Acquires flexPATH's 3(38) Fiduciary Business

Mesirow Fiduciary Solutions has finalized its acquisition of flexPATH Strategies' plan-level 3(38) fiduciary business, broadening the firm's footprint in the outsourced retirement plan investment management market. The deal adds to an already established platform that Mesirow has built around fiduciary oversight and custom portfolio construction for employer-sponsored retirement plans.

The transaction is designed to extend the reach of Mesirow's fiduciary solutions to a wider pool of retirement plan sponsors, giving more plan participants access to the firm's discretionary investment management services. Under a 3(38) arrangement, an investment manager assumes full fiduciary responsibility for selecting, monitoring, and replacing plan investment options — a model increasingly sought by plan sponsors looking to offload regulatory and liability exposure.

Read more Target Hospitality Posts Q3 2026 Results Amid Major Contract Wins →

The retirement plan fiduciary services market has grown steadily as employers face mounting pressure to demonstrate prudent oversight of their defined-contribution plans under ERISA. Acquisitions of specialized 3(38) providers have become a common growth strategy for larger fiduciary platforms seeking to add scale, existing client relationships, and operational infrastructure without building from scratch.

The terms of the transaction were not disclosed. By absorbing flexPATH's plan-level business, Mesirow positions itself to serve a broader range of corporate and institutional clients seeking delegated investment management within their retirement programs.

Continue reading at All Financial Services & Investing.