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
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
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
"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
For more information, please refer to a presentation on the acquisition posted
on Great-West Lifeco's website at
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
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-0- Apr/03/2014 18:00 GMT
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