Great-West Financial has completed its acquisition of J.P. Morgan Retirement Plan Service's large-market recordkeeping business.
The acquisition makes Great-West the second largest provider in the U.S. defined contribution market, serving nearly 7 million participants. It will now maintain the records of more than $400 billion in retirement assets.
"Today marks an important day in our quest to create the foremost provider of retirement services to the U.S. marketplace," Robert Reynolds, president and CEO of Great-West Financial, said in a statement.
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Last March, Great-West announced it was merging with Putnam Investments retirement business, which also specializes in the large-plan segment.
The acquisitions have substantially grown Great-West's balance sheet.
According to its website, Great-West, a division of Great-West Life and Annuity Insurance Co., served 4.9 million participants and oversaw $220 billion in retirement assets as of the end of 2013.
At the same point in time, nearly 65 percent of Great-West's retirement business was accounted for by small and mid-sized plans — plans with fewer than 100 participants up to plans with fewer than 10,000 participants.
"As we move forward as one organization, Great-West Financial will seek to help millions of working Americans achieve more successful, dignified outcomes in preparing for retirement. We will deliver a new generation of savings vehicles, employee engagement strategies and innovative educational resources, client service and leading-edge technology," Reynolds said.
He said the company's overall aim is to address the country's retirement savings shortage and to "make great strides in solving it."
Another major insurance company has also bolstered it retirement services recordkeeping capability.
Indianapolis-based OneAmerica said Tuesday it has completed its acquisition of City National Bank's retirement services recordkeeping business.
With the acquisition, OneAmerica's retirement services business now serves over 600,000 participants in 11,000 plans, overseeing $30 billion in assets.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
