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Great-West Acquires Wells Fargo Retirement Unit

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NU Online News Service, Nov. 11, 2003, 4:42 p.m. EST – The retirement services unit of Great-West Life & Annuity Insurance Company, Denver, has agreed to acquire Wells Fargo Retirement Plan Services Inc., Glendale, Wis., from Wells Fargo & Company, San Francisco.

Wells Fargo Retirement, a unit previously known as Emjay, provides retirement plan services for small and midsize retirement plans through outside brokers, registered investment advisors and other financial advisors.

Wells Fargo acquired Emjay in 1999, through the acquisition of Norwest Corp., Minneapolis. Wells Fargo is selling because it now wants to focus on providing retirement plan services for clients it gets directly, through relationships with consultants and in-house referrals, according to Wells Fargo.

Great-West, a unit of the Power Corporation of Canada, Montreal, will be developing a special Great-West retirement plan aimed at small employers that Wells Fargo can sell under its own name, the companies say.

Wells Fargo Retirement, which employs about 120 people, will continue to operate in its current offices in Wisconsin, Great-West says.