Great-West Lifeco's U.S. subsidiary announces agreement to acquire J.P. Morgan Retirement Plan Services

 Great-West Lifeco's U.S. subsidiary announces agreement to acquire J.P. Morgan  Retirement Plan Services  Great-West Financial to gain approximately 1.9 million participants and US$167  billion in plan assets via transaction  TSX:GWO  WINNIPEG, April 3, 2014 /CNW/ - Great-West Lifeco Inc. today announced that  its U.S. subsidiary Great-West Financial(®) has reached an agreement to  acquire the J.P. Morgan Retirement Plan Services large-market recordkeeping  business. Upon completion of the acquisition, Great-West Financial will become  the second-largest retirement services provider by participants in the U.S.  defined contribution market, with nearly 6.8 million participants and US$387  billion in recordkeeping assets. 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 US$167 billion in retirement plan  assets. As part of the transaction more than 1,000 staff and management  affiliated with J.P. Morgan Retirement Plan Services will join Great-West  Financial.  The transaction is scheduled to close in the third quarter of 2014, subject to  regulatory approval in the U.S.  "This acquisition is consistent with Great-West Lifeco's global business  strategy of developing significant market positions in the sectors where we  participate," said Paul Mahon, President and Chief Executive Officer of  Great-West Lifeco. "It further enhances our position as a leading retirement  plan provider in the United States."  "J.P. Morgan large market clients will transition to the Great-West Financial  platform with their current client service teams intact, which will be of  significant benefit," Mahon said.  As part of this expanded emphasis on U.S. market opportunities, Great-West  Lifeco announced in March that it appointed Robert L. Reynolds as President  and Chief Executive Officer of Great-West Lifeco U.S. Inc., which owns  Great-West Financial and Putnam Investments. Great-West Lifeco also announced  that it will integrate Putnam Investments' retirement business into that of  Great-West Financial.  "Uniting the three retirement businesses under Great-West Financial further  strengthens our ability to provide the U.S. marketplace with a superior,  leading-edge offering across every client segment," Reynolds said.  While this transaction will not have an immediate material impact on the  financial results, it will increase the competitive position of Great-West  Financial.  For more information, please refer to a presentation on the acquisition posted  on Great-West Lifeco's website at  www.greatwestlifeco.com/008/home/eventsandpresentations/index.htm.  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 US$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, FourthQuarter 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.  About Great-West Lifeco Great-West Lifeco Inc. (TSX:GWO) is an international financial services  holding company with interests in life insurance, health insurance, retirement  and investment services, asset management and reinsurance businesses.  Great-West Lifeco has operations in Canada, the United States, Europe and Asia  through Great-West Life, London Life, Canada Life, Irish Life, Great-West  Financial and Putnam Investments. Great-West Lifeco and its companies have  $758 billion* in consolidated assets under administration and are members of  the Power Financial Corporation group of companies.  * Assets as of December 31, 2013    SOURCE  Great-West Lifeco Inc.  Marlene Klassen, APR Assistant Vice President, Communication Services  204-946-7705  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/April2014/03/c8400.html  CO: Great-West Lifeco Inc. ST: Manitoba NI: INS MNA  
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