Under the terms of the deal, American Century remains an asset manager for current plans and its investment management strategies will continue to be offered to clients of the new JP Morgan Retirement Plan Services (RPS). Additionally, the 700 employees of RPS, primarily based in Kansas City, Denver and New York, will remain with the business unit, according to a news release.
Currently the service provides bundled defined contribution services and investment options to 170 corporate clients, representing 793,754 retirement plan participants. Total plan assets are $45.2 billion, with $7.5 billion managed by American Century and $5.6 billion managed by JP Morgan Fleming.
Specific terms of the transaction were not disclosed. The transfer of ownership does not change JP Morgan’s 45% equity stake in American Century.