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Retirement Planning > Retirement Investing

Great-West Buys Retirement Services Scale

By Staff Writer

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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 1,900 401(k) plans and other defined contribution retirement plans from a unit of U.S. Bancorp Inc., Minneapolis.

The plans serve 195,000 participants and manage about $9 billion in assets.

In October, Great-West completed a previously announced plan to acquire 2,600 small and midsize plans with 300,000 participants and about $7.5 billion in assets from a unit of MetLife Inc., New York.

Great-West, a unit of the Power Corp. of Canada, Montreal, is not discussing the price of the deal, but it says it hopes to complete the purchase by Dec. 31.

Completing the deal would give Great-West responsibility for $104 billion in U.S. plan assets, up from $86 billion in June, when it announced the MetLife deal.

U.S. Bank has agreed to refer customers with future 401(k) needs to Great-West, Great-West says.

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