Acquisition expands Empower’s reach across retirement services market to more than 17 million individuals and $1.4 trillion in AUA
Empower announced it has completed the previously announced acquisition of Prudential Financial, Inc.’s full-service retirement business.
Latest Aithority Insights : Haivision Partners with Grass Valley to Enable Live Low Latency Cloud Media Production
“This transaction broadens our ability to serve the financial needs of working Americans, their advisors and employers”
The $3.5 billion acquisition expands Empower’s reach to more than 17.1 million retirement plan participants with $1.4 trillion in assets under administration on behalf of approximately 71,000 clients.1
The transaction also includes more than 1,800 employees who will provide a comprehensive suite of retirement recordkeeping and administration services to financial professionals, plan sponsors and participants.
“This transaction broadens our ability to serve the financial needs of working Americans, their advisors and employers,” said Edmund F. Murphy III, President and CEO of Empower. “This transaction will create an even stronger service organization at Empower, expands our product offerings and the deepens the expertise of our talent pool.”
With the close, Empower acquires Prudential’s defined contribution, defined benefit, non-qualified and rollover IRA business in addition to its stable value and separate account investment products and platforms. It expands Empower’s already broad spectrum of workplace savings plans, which includes mega, large, mid-size and small corporate 401(k) plans; government plans ranging in scale from state-level plans to municipal agencies; not-for-profit 403(b) plans; and collectively bargained Taft-Hartley plans.
Browse The Complete News About Aithority: BizLink Showcases Its Leading Data Center Connectivity Solutions at DesignCon 2022
Leveraging new capabilities from its 2020 acquisition of Personal Capital, Empower offers a highly personalized digital experience that integrates the elements of any individual’s financial plan to help them better understand their current financial needs through financial advice and goal setting.
“We continue to expand our services to better serve the retirement and wealth management needs of millions of individuals in every phase of their financial journey,” Murphy said. “By creating scale, we can deliver much-needed advice and guidance through a combination of both in-person and digital offerings.”
Eversheds Sutherland served as legal counsel and Goldman Sachs & Co. LLC and Rockefeller Capital Management served as financial advisors to Empower.
Read More About Aithority News : Elisa Polystar Acquires Frinx to Broaden Its Network Automation Portfolio
[To share your insights with us, please write to sghosh@martechseries.com]
Comments are closed.