Great-West to acquire J.P. Morgan Retirement Plan Services business
Friday, April 04, 2014 12:01 PM
Great-West Financial on Thursday announced it has reached an agreement to acquire the J.P. Morgan Retirement Plan Services large-market record-keeping business. The acquisition will make Great-West the second-largest retirement services provider by participants in the U.S. defined contribution market, the Greenwood Village, Colo.-based company said in a release. The J.P. Morgan Retirement Plan Services business includes 200 clients with approximately 1.9 million participants and $167 billion in assets. The transaction, which is expected to close during the third quarter pending regulatory approval, will increase Great-West Financial's participant base to 6.8 million people and its retirement services record-keeping assets to $387 billion.