Great-West to buy J.P. Morgan Retirement Plan Services record keeping business

WINNIPEG – Great-West Lifeco Inc. (TSX:GWO) said Thursday it has signed a deal to acquire the J.P. Morgan Retirement Plan Services.

Financial terms of the deal for the record keeping business were not disclosed.

Under the deal, more than 1,000 staff from J.P. Morgan Retirement Plan Services will join Great-West Financial, the company’s U.S. subsidiary.

The deal is expected to close in the third quarter of this year, subject to regulatory approval in the U.S.

J.P. Morgan Retirement Plan Services has 200 clients with US$167 billion in retirement plan assets.

Great-West said the deal will make it the second-largest retirement services provider by participants in the U.S. defined contribution market, with nearly 6.8 million participants and US$387 billion in record keeping assets.