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June 26, 2006 at 05:32 AM
A Canadian company plans to buy a bigger share of the U.S. retirement plan market.
Great-West Lifeco Inc., Winnipeg, Manitoba, says a subsidiary, Great-West Life & Annuity Insurance Company, has agreed to acquire a block of 2,600 small and midsize retirement plans from a unit of MetLife Inc., New York.
The plans serve 300,000 participants and manage about $7.5 billion in assets.
The deal will include the wholesalers, relationship managers and sales associates who support the business, and it also will include some defined benefit plan business, according to Great-West, which is a unit of the Power Corp. of Canada, Montreal.
