US-based Great-West Financial has completed the acquisition of recordkeeping business of JPMorgan Retirement Plan Services, for an undisclosed amount.
JPMorgan Retirement Plan Services includes around 200 clients with about 1.9 million participants and $167bn in assets.
As part of the deal, 1,000 staff and management associated with JPMorgan will join Great-West Financial.
The acquisition helps Great-West to expand services in employer-sponsored retirement plan market, which include small, mid and large-sized corporate 401(k) clients, government 457 plans and non-profit 403(b) entities as well as the private label recordkeeping business.
Great-West said that now it is the second largest provider in the US defined contribution market with around seven million participants, and also record keeps about $400bn in retirement plan assets.
Great-West Financial president and CEO Robert Reynolds said the company will seek to help millions of working Americans to achieve dignified outcomes in preparing for retirement.
"We will deliver a new generation of savings vehicles, employee engagement strategies and innovative educational resources, client service and leading-edge technology," Reynolds added.
The acquisition is in line with the announcement in March that the retirement business of Lifeco US subsidiary Putnam Investments is combining with Great-West Financial.
Putnam Investments is specialised in the large-plan corporate segment.