GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–April 4, 2022–
Empower announced today that it has completed the previously announced acquisition of the full-service retirement business of Prudential Financial, Inc.
$3.5 billion acquisition expands Empower’s reach to more than 17.1 million pension plan participants with $1.4 trillion in assets under management on behalf of approximately 71,000 clients. 1
The transaction also includes more than 1,800 employees who will provide a full range of recordkeeping and pension administration services to financial professionals, plan sponsors and members.
“This transaction expands our ability to meet the financial needs of American workers, their advisors and employers,” said Edmund F. Murphy III, President and CEO of Empower. “This transaction will create an even stronger services organization at Empower, expand our product offerings and deepen the expertise of our talent pool.”
With the closing, Empower acquires Prudential’s defined contribution, defined benefit, non-qualified and renewable IRA businesses, in addition to its stable-value and separate-account investment products and platforms. It expands Empower’s already wide range of workplace savings plans, which includes 401(k) plans for mega, large, medium and small businesses; government plans ranging in scale from state-level plans to municipal agencies; non-profit 403(b) plans; and collectively negotiated Taft-Hartley plans.
Leveraging new capabilities from its 2020 acquisition of Personal Capital, Empower offers a highly personalized digital experience that integrates the elements of any individual’s financial plan to help them better understand their current financial needs through financial advice and definition. of goals.
“We continue to expand our services to better meet the retirement and wealth management needs of millions of people at every stage of their financial journey,” Murphy said. “By creating scale, we can provide much-needed advice and guidance through a combination of in-person and digital offerings.”
Eversheds Sutherland served as legal counsel and Goldman Sachs & Co. LLC and Rockefeller Capital Management served as financial advisors to Empower.
About Empower
Headquartered in the Denver metro area, Empower administers approximately $1.4 trillion in assets 1 for more than 17 million retirement plan participants and is the nation’s second-largest retirement plan accountant by total number. of attendees. 2 Empower serves all segments of the employer-sponsored retirement plan market: 457 government plans; small, medium and large business 401(k) customers; 403(b) non-profit entities; private label registrar clients; and IRA customers. Personal Capital, a subsidiary of Empower, is an industry-leading hybrid wealth manager. For more information, please visit empower.com and join us on Facebook, Twitter, LinkedIn and Instagram.
1 As of April 1, 2022. Information refers to all retirement businesses of Great-West Life & Annuity Insurance Company (GWLA) and its subsidiaries, including Empower Retirement, LLC; Great-West Life & Annuity Insurance Company of New York (GWLANY); and Prudential Retirement Insurance & Annuity Company (PRIAC), marketed under the Empower brand. Assets represent the estimated consolidated pro forma assets under administration (AAU) of Empower and the full-service pension business of Prudential Financial, Inc., as of December 31, 2021. AAU is a non-GAAP measure and does not reflect the financial stability or strength of a company. As of December 31, 2021, GWLA statutory assets totaled $75.9 billion and liabilities totaled $73.0 billion, GWLANY statutory assets totaled $4.1 billion and liabilities totaled $3.9 billion , and PRIAC’s statutory assets totaled $100.329 billion and liabilities totaled $98.793 billion.
2 Pension & Investments 2020 Defined Contribution Survey Ranking as of April 2021.
Securities, when offered, are offered and/or distributed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is a subsidiary of Empower Retirement, LLC; Great-West Funds, Inc.; and Registered Investment Advisor, Advised Assets Group, LLC. This material is provided for informational purposes only and is not intended to provide investment, legal or tax advice or recommendations.
Empower Retirement refers to the products and services offered by GWLA and its affiliates, including Empower Retirement, LLC. Empower Retirement is not affiliated with Prudential or its affiliates. All product names, logos and brands are the property of their respective owners. “EMPOWER”, “EMPOWER RETIREMENT” and all related product names and logos are trademarks of GWLA. Prudential and all related logos are trademarks owned by The Prudential Insurance Company of America and are used under license.
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KEYWORD: COLORADO UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSUMER WOMEN INSURANCE FINANCE MEN CONSULTING
SOURCE: Empowering Retirement
Copyright BusinessWire 2022.
PUB: 04/04/2022 08:00 AM/DISC: 04/04/2022 08:02 AM
