[September 02, 2014] |
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Great-West Financial® completes acquisition of J.P. Morgan Retirement Plan Services
GREENWOOD VILLAGE, Colo. --(Business Wire)--
Great-West Financial® today announced it has completed its
acquisition of the J.P. Morgan Retirement Plan Services large-market
recordkeeping business, a major step in building one of the nation's
premier retirement services firms.
The combined Great-West Financial retirement organization becomes the
second largest provider in the U.S. defined contribution market with
nearly 7 million participants. It also record keeps more than $400
billion in retirement plan assets. Terms of the transaction, which was
originally announced in April, were not disclosed.
"Today marks an important day in our quest to create the foremost
provider of retirement services to the U.S. marketplace," said Robert L.
Reynolds, President and Chief Executive Officer of Great-West Financial.
This development follows an announcement in March that the retirement
business of Putnam Investments, which specializes in the large-plan
corporate segment, is combining with Great-West Financial.
"As we move forward as one organization, Great-West Financial will seek
to help millions of working Americans achieve more successful, dignified
outcomes in preparing for retirement We will deliver a new generation
of savings vehicles, employee engagement strategies and innovative
educational resources, client service and leading-edge technology.
Ultimately, we aim to address the country's retirement savings challenge
and make great strides towards solving it."
Reynolds said Great-West Financial now serves every segment of the
employer-sponsored retirement plan market: small, mid and large-sized
corporate 401(k) clients, government 457 plans and non-profit 403(b)
entities as well as the private label recordkeeping business.
In the coming weeks, Great-West Financial expects to make a series of
key organizational and leadership announcements related to the combined
retirement organization.
About Great-West Financial
Great-West Financial® is a registered mark of Great-West Life
& Annuity Insurance Company. Headquartered in metro Denver, Great-West
Financial administers $431 billion in assets for its nearly 7.5 million
retirement, insurance and annuity customers.
Great-West Financial acquired J.P. Morgan Retirement Plan Services (RPS)
on Aug. 29, 2014. It is the nation's second-largest retirement plan
record keeper (based on total participant accounts at Dec. 31, 2013 and
calculated using combined Great-West Financial and RPS data from PLANSPONSOR,
June 2014) and second-largest underwriter of life insurance sold through
banks (BISRA Life Report, Fourth Quarter 2013, based on total
premiums at Dec. 31, 2013). It is an indirect, wholly owned subsidiary
of Great-West Lifeco Inc. and "A Member of the Power Financial
Corporation Group of Companies" ®.
Great-West Financial® refers to products and services
provided by Great-West Life & Annuity Insurance Company (GWL&A),
Corporate Headquarters: Greenwood Village, CO, its subsidiaries and
affiliates. Recordkeeping information and rankings reflect all
recordkeeping customers of GWL&A subsidiary FASCore, LLC: those of
institutional partners, third-party administrator clients and Great-West
Financial. The trademarks, logos, and registered marks used are owned by
GWL&A. "A Member of the Power Financial Corporation Group of Companies"
is the registered mark of Power Corporation of Canada.
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