Wed, 03/09/2014 - 10:02
Great-West Financial has acquired the JP Morgan Retirement Plan Services large-market record-keeping business.
The combined Great-West Financial retirement organisation becomes the second largest provider in the US defined contribution market with nearly seven million participants. It also record keeps more than USD400 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 US marketplace,” says Robert L Reynolds, president and chief executive officer of Great-West Financial.
The development follows an announcement in March that the retirement business of Putnam Investments, which specialises in the large-plan corporate segment, is combining with Great-West Financial.
“As we move forward as one organisation, 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,” says Reynolds.
Reynolds says 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 record-keeping business.
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