Mesirow closes flexPATH 3(38) purchase

Mesirow completed its purchase of flexPATH Strategies' plan-level 3(38) business on Oct. 26, its second strategic acquisition in 2026. Terms were not disclosed.

Mesirow said in mid-August it intended to buy the business, which flexPATH, a retirement plan fiduciary and custom portfolio provider, ran for plan sponsors.

A plan sponsor that had delegated investment-lineup discretion to flexPATH's plan-level service now has that discretion exercised by Mesirow Fiduciary Solutions. The division also runs 3(21) lineups, custom portfolio construction, investment due diligence, fiduciary technology and reporting, and customized default solutions. Mesirow says the platform supports thousands of financial advisors and retirement plans through recordkeeper integrations.

The acquisition broadens Mesirow Fiduciary Solutions' portfolio construction products and deepens its 3(38) delivery to financial advisors, plan sponsors, recordkeepers and institutional partners.

The flexPATH purchase follows Mesirow's May acquisition of LeafHouse Financial Advisors, including its FlexFiduciary and InvestBuild businesses.

Mesirow Fiduciary Solutions now offers both 3(21) and 3(38) lineup services, so a sponsor can keep investment selection or delegate it inside one provider.