Great-West Financial has completed its acquisition of the J.P. Morgan Retirement Plan Services large-market recordkeeping business.
The combined Great-West Financial retirement organization becomes the second largest provider in the American DC market with nearly seven million participants. It also record keeps more than US$400 billion ($437 billion) in retirement plan assets.
“Today marks an important day in our quest to create the foremost provider of retirement services to the U.S. marketplace,” said Robert L. Reynolds, president and CEO of Great-West Financial. “Ultimately, we aim to address the country’s retirement savings challenge and make great strides toward solving it.”
Terms of the transaction, which was originally announced in April, were not disclosed.
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