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.
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