Great-West Lifeco, which acquired Irish Life in 2013, announced that it has bought the J.P. Morgan Retirement Plan Services US business. The acquisition highlights the company’s commitment to the Defined Contribution (DC) pension market, and also its global expertise in serving more than eight million plan members.
Commenting on the news Bill Kyle, Chief Executive Officer, Irish Life Group said:
“This is great news for the Great-West Lifeco family. It demonstrates our commitment to the Defined Contribution market and highlights our willingness and ability to do deals in this segment.”
“The acquisition highlights our growing experience and expertise in this market, and is consistent with our global strategy. It serves to position Irish Life, and all the businesses within the Great-West Lifeco group, as leading retirement plan providers.”
The transaction positions Great-West Financial as the second-largest retirement services provider by participants in the US defined contribution market, with nearly 6.8 million participants and US$387 billion in recordkeeping assets. As part of the deal, more than 1,000 staff and management affiliated with J.P. Morgan Retirement Plan Services will join Great-West Financial in the US