Great-West Life and Putnam Investments will merge their U.S. retirement businesses under Great-West Financial, creating one of the nation’s leading providers of comprehensive retirement services capabilities for all sizes of 401(k), 403(b) and 457 retirement plans.
The merged entity will have $220 billion in total assets under administration and serve more than 5 million participants.
Robert Reynolds, president and CEO of Boston-based Putnam, will continue his role with that company but also will take on the role of president and CEO of Great-West Lifeco U.S. after Mitchell Graye retires as president and CEO of Great-West Financial in May.
Great-West is known for serving the small and mid-size 401(k) market and Putnam has served medium to large companies. The merger will allow the company to go after more of the 401(k) market.
“The U.S. market represents a significant growth opportunity for Great-West Lifeco,” said Paul Mahon, president and CEO of Great-West Lifeco. “The new structure will allow Great-West Lifeco to pursue expanded U.S. market opportunities by leveraging the combined strengths and capabilities of our core businesses in a coordinated manner to best serve clients.”