Great-West Financial, a US life insurance company, has signed an agreement to acquire JPMorgan Retirement Plan Services, as part of its strategy to emerge as the second-largest retirement services provider in the country’s defined contribution market.
Financial terms of the transaction have not been disclosed.
The acquired business includes approximately 200 clients with nearly 1.9 million participants and $167bn in assets.
Furthermore, the business also comprises over 1,000 personnel affiliated with JPMorgan Retirement Plan Services, including sales staff, consultant relations, relationship managers and client service specialists.
The acquisition is likely to conclude during the third quarter after obtaining concerned regulatory approval. It is expected to boost Great-West Financial’s participant base to 6.8 million and its retirement services recordkeeping assets to $387bn.
Great-West Financial president and CEO Mitchell Graye said, "We’re pleased to unite J.P. Morgan Retirement Plan Services under Great-West Financial to provide customers with an industry-leading service and product offering."
JPMorgan Asset Management retirement head Michael Falcon said that clients of JPMorgan Retirement Plan Services will experience continuity in the people, products and services they are accustomed to.
Great-West Financial is a registered mark of Great-West Life & Annuity Insurance Company. Headquartered in metro Denver, Great-West Financial administers $243.5bn in assets for its 5.4 million retirement, insurance and annuity customers.
Image: Great West Life building in Winnipeg (right). Photo: courtesy of Ccyyrree.