Key milestone in creating one of the nation’s largest retirement services providers across all market channels and segments
GREENWOOD VILLAGE, Colo., Sept. 2, 2014—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.
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.
Contact:
Molly Schlax FleishmanHillard O: 312-729-3661 M: 847-309-9552 Molly.Schlax@fleishman.com |
Lisa Gigax Director, Corporate Communications Great-West Financial O: (303) 737-6290 Lisa.Gigax@greatwest.com |