Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
April 3rd, 2014
Breaking News
Great-West Acquires J.P. Morgan’s Recordkeeping Business
Great-West has reached an agreement to acquire the J.P. Morgan Retirement Plan Services large-market recordkeeping business, which has $167 billion in plan assets across 200 plan sponsor clients serving 1.9 million participants. The acquisition was of interest to Great-West because over the years, J.P. Morgan has built a great business in the large-plan market, Robert L. Reynolds, president and chief executive officer of Great-West Lifeco U.S., tells PLANSPONSOR. “This jump starts the whole business, bringing us scale and a client base to truly build a world-class retirement plan service.” Reynolds also notes the transaction is part of Great-West’s commitment to expand its “expertise, talent and business scale” in the retirement plan market. Upon the close of the deal, Great-West Financial’s retirement services recordkeeping assets will increase to $387 billion and its participant base to 6.8 million, making it second only to Fidelity Investments in both categories in the DC recordkeeping business, according to the most recent PLANSPONSOR Recordkeeping Survey.
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