Great-West Financial has reached an agreement to acquire the J.P. Morgan Retirement Plan Services large-market recordkeeping business, which holds $167 billion in assets across 200 clients and 1.9 million participants, the companies said Thursday.
The deal makes Great-West one of the largest retirement services providers in the United States marketplace, with 6.8 million participants nationwide and retirement recordkeeping assets of $387 billion.
The details of the transaction were not revealed, but it is expected to close during the third quarter, pending regulatory approval.
The acquisition of J.P. Morgan Retirement Plan Services also includes more than 1,000 personnel, including sales staff, consultant relations, relationship managers and client service specialists.
Robert Reynolds, president and chief executive officer of Great-West Lifeco U.S. says 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.
While maintaining that continuity, clients will also be gaining the technological excellence and deep product capabilities offered by Great-West Financial, Michael Falcon, head of retirement at J.P. Morgan Asset Management says.
Reynolds calls the acquisition a powerful step toward addressing the complex and evolving retirement needs of millions of Americans through the combination of expertise, talent and business scale being created at Great-West Financial.
In March, retirement business Putnam Investments, which specializes in the large plan corporate segment, said it will combine within Great-West Financial to serve the full breadth of the retirement marketplace.
