JPMorgan Chase has sold a retirement plan services business unit in Overland Park, Kan., to Great-West Financial in Greenwood Village, Colo.
A spokeswoman for the $2.5 trillion-asset JPMorgan Chase told American Banker in an email that the sale of its large-market recordkeeping business was "in the best interest" of the former unit's "large- and mega-plan clients and employees, providing continuity of service while leveraging the scale, capabilities and resources of a firm committed to excellence in recordkeeping and plan administration."
Financial terms of the transaction were not disclosed.
The spokeswoman said that JPMorgan Chase will focus on "delivering valuable insights" in its Guide to Retirement program and Target Date Compass tool. The company will also make a bigger commitment to retirement investment solutions including SmartRetirement target date funds, as well as retirement services for small and midsize plans through Retirement Link.
Great-West now serves every segment of the employer-sponsored retirement plan market, including small, midsize and large corporate 401 (k) clients, government 457 plans and nonprofit 403(b) entities. It also covers the private label recordkeeping business.
Great-West has $431 billion in recordkeeping assets and nearly 7.5 million retirement, insurance and annuity customers.