Great-West Financial® acquisition of J.P. Morgan Retirement Plan Services to
create one of the largest retirement recordkeeping firms in the U.S.
Great-West Financial® to serve the retirement needs of 6.8 million
GREENWOOD VILLAGE, Colo., April 3, 2014
GREENWOOD VILLAGE, Colo., April 3, 2014 /PRNewswire/ -- Great-West Financial^®
today announced it has reached an agreement to acquire the J.P. Morgan
Retirement Plan Services large-market recordkeeping business, making it the
second-largest retirement services provider by participants in the U.S.
defined contribution market. Terms of the transaction were not disclosed.
The J.P. Morgan Retirement Plan Services business comprises 200 clients with
approximately 1.9 million participants and $167 billion in assets. It also
includes the more than 1,000 personnel affiliated with J.P. Morgan Retirement
Plan Services, including sales staff, consultant relations, relationship
managers and client service specialists.
The transaction, which is expected to close during the third quarter pending
regulatory approval, will increase Great-West Financial's participant base to
6.8 million and its retirement services recordkeeping assets to $387 billion.
In March, it was announced that the retirement business of Putnam Investments,
which specializes in the large-plan corporate segment, will combine within
Great-West Financial to serve the full breadth of the retirement marketplace.
"We're pleased to unite J.P. Morgan Retirement Plan Services under Great-West
Financial to provide customers with an industry-leading service and product
offering," said Mitchell Graye, President and Chief Executive Officer of
In discussing the added capabilities and resources of the expanding retirement
organization at Great-West Financial, Robert L. Reynolds, who was recently
named President and Chief Executive Officer of Great-West Lifeco U.S., the
holding company that owns Great-West Financial and Putnam Investments said,
"The growing U.S. retirement market serves an increasingly vital role in
helping to determine the current and future quality of life of working
Americans. With today's announcement, we are taking a powerful step toward
addressing the complex and evolving needs of millions – through the
combination of expertise, talent and business scale being created at
"We believe this is a great development for our large market recordkeeping
clients and our RPS employees, with Great-West Financial as an ideal acquirer
for the business," said Michael Falcon, Head of Retirement at J.P. Morgan
Asset Management. "Clients of J.P. Morgan Retirement Plan Services will
experience continuity in the people, products and services they are accustomed
to at J.P. Morgan, while gaining the technological excellence and deep product
capabilities offered by Great-West Financial, an established provider to
public and private plans."
Falcon and Reynolds said the transaction should be seamless for J.P. Morgan
Retirement Plan Services clients, who will continue to work with the same
staff, consultants and specialists.
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 $243.5 billion in assets for its 5.4 million retirement, insurance
and annuity customers.
Great-West Financial is the nation's second largest underwriter of life
insurance sold through banks (BISRA Life Report, Fourth Quarter 2013, based on
total premiums at Dec. 31, 2013) and fourth-largest retirement plan record
keeper (Pensions & Investments, March 2014, based on total participant
accounts at Sept. 30, 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.
SOURCE Great-West Financial
Contact: Molly Schlax, FleishmanHillard, O: 312-729-3661, M: 847-309-9552,
Molly.Schlax@fleishman.com; or Lisa Gigax, Director, Corporate Communications,
Great-West Financial, O: (303) 737-6290, firstname.lastname@example.org
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