Edmund F. Murphy III of Great-West Financial in Boston, MA on May 16, 2016. Edmund Murphy III (Photo: Great-West)

A Canadian life insurer has named a new head for its U.S. retirement business.

Great-West Lifeco Inc. says Edward Murphy III will succeed Robert Reynolds as the president and chief executive officer of Great-West Life & Annuity Insurance Company.

(Related: Dai-Ichi to Acquire Great-West U.S. Individual Life and Annuity Lines)

Great-West Life is the parent of Empower Retirement, Great-West’s U.S. retirement services unit.

Reynolds, who is also the president of Putnam Investments, will keep that job and become chair of Great-West Lifeco U.S. LLC, Great-West says.

Murphy, who has been president of Empower Retirement, will keep that job.

What Murphy Will Run

Murphy will end up running a unit that manages about $544 billion in assets for 9.2 million customers and 39,000 retirement plan sponsors. The unit oversees Great-West Investments and the Great-West individual life and annuity operations as well as Empower Retirement.

Dai-Ichi Life Holdiings Inc. of Tokyo recently agreed to acquire the Great-West U.S. individual life and annuity operations, through a deal with a value of about $1.2 billion.

Murphy’s Experience

 

Before Murphy became president of Empower, in 2014, he was a managing director at Putnam Investments.

Earlier, he spent 17 years at Fidelity Investments. At one point, he ran Veritude LLC, Fidelity’s internal temp agency. He has also worked for Merrill Lynch.

He is a board member of the Employee Benefit Research Institute (EBRI).

He has a bachelor’s degree from Boston College.

— Read Great-West Life Makes $164 Million Secured Loan, on ThinkAdvisor.

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