Great-West Financial, a US subsidiary of Great-West Lifeco, has agreed to buy the JP Morgan Retirement Plan Services’ large-market recordkeeping business.
The JP Morgan Retirement Plan Services business comprises 200 clients with approximately 1.9 million participants and $167 billion in assets.
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As part of the transaction, more than 1,000 staff and management affiliated with JP Morgan Retirement Plan Services will join Great-West Financial.
The transaction is expected to increase Great-West Financial’s participant base to 6.8 million and its retirement services recordkeeping assets to $387 billion.
The deal is expected to close during the third quarter pending regulatory approval.
Robert Reynolds, president and CEO of Great-West Lifeco said: "With today’s announcement, we are taking a powerful step toward addressing the complex and evolving needs of millions – through the combination of expertise, talent and business scale being created at Great-West Financial."
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By GlobalDataMitchell Graye, president and CEO of Great-West Financial, 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."
