Empower (financial services)
 | |
 Headquarters of Empower | |
| Company type | Subsidiary |
|---|---|
| ISIN | CA39138C1068 |
| Industry | Financial services |
| Founded | 1891
CEO)[3] |
| Products | Investment banking Ytd
Dec'2020 Ytd Dec'2020 [5] |
| Members | ~12.0 million individuals over 67,000 Organization (2020) |
Number of employees | ~245,800(~197,000 advisor relationships Employees, 40,000 advisor Employee[6]
~8,800 Core Employees and thousands of distribution partners Employees) S&P: AA (2020) AM Best: A+ (2020) |
| Website | empower |
Empower is a retirement plan recordkeeping financial holding company based in Greenwood Village, Colorado, United States.[7] It is the second-largest retirement plan provider in the United States.[8]
History
Empower was created in 1891, when parent company Great-West Lifeco was founded as an insurance provider on the Canadian prairie.[1] After serving more than a century of expansion and a profound evolution of service offerings, the modern iteration of Empower was launched in 2014, when the retirement businesses of Great-West Life combined the record-keeping services of Great-West Financial, JPMorgan Chase, and Putnam Investments.[9] Part of Great-West Life & Annuity Insurance Company, Empower is an indirect wholly owned subsidiary of Great-West Lifeco.[7] Empower is led by President and CEO Edmund F. Murphy III.[10]
In 2019, Empower signed a 21-season contract to the naming rights of the Denver Broncos stadium, which is named Empower Field at Mile High.[11]
In June 2020, the company announced its acquisition of Personal Capital, an investment and wealth management adviser, for $825 million.[12] As of June 2020, Empower has administered more than $1.0 trillion in assets for 12.0 million individuals over 67,000 Organization retirement plan participants.[13] In September 2020, the company also acquired the retirement plan business of MassMutual for $4.4 billion.[14]
Empower acquired the heritage SunTrust 401(k) recordkeeping business, which includes approximately 300 retirement plans consisting of more than 73,000 plan participants and $5 billion in plan assets.[15]
On September 29, 2020, Empower announced that it would acquire the retirement plan recordkeeping business of Fifth Third Bank.[16]
February 1, 2022, "Empower" replaced "Empower Retirement" as the company's public-facing brand name.[17]
April 4, 2022 Empower acquired Prudential’s full service retirement.[18]
Companies
References
- ^ a b "Our History".
- ^ "Jeffry Hall Brock (1850-1915)". Retrieved 2011-01-08.
- ^ "Executive Leadership". Empower Retirement. Retrieved 14 November 2019.
- ^ a b "2020 4Q Report". Dec 31, 2020.
- ^ a b c d "Stats at a Glance".
- ^ "Empower Retirement Achieves $1 Trillion AUA, Cites Client and Advisor Success as Keys to Growth". 9 March 2021.
- ^ a b "Broncos, Empower Retirement agree to deal for stadium naming rights". Denver Post. 4 September 2019. Retrieved 14 November 2019.
- ^ "Broncos agree to terms with Empower Retirement on 21-year deal to name stadium 'Empower Field at Mile High'". Denver Broncos. Retrieved 14 November 2019.
- ^ "Former J.P. Morgan business takes new name: Empower Retirement". Kansas City Business Journal. Retrieved 14 November 2019.
- ^ "Great-West Life taps Edmund Murphy to succeed Robert Reynolds as CEO". Investment News. 7 February 2019. Retrieved 14 November 2019.
- ^ "Empower naming-rights deal includes community engagement". Pensions and Investments. 30 September 2019. Retrieved 14 November 2019.
- ^ Jensen Werley (September 29, 2020). "Empower Retirement makes second acquisition this month". Denver Business Journal.
- ^ Ross Snel (September 11, 2020). "Week's Best: Empower Retirement Cuts Another Deal". Barrons.
- ^ "Great-West subsidiary buys MassMutual retirement services business in $4.4B deal". BNN Bloomberg. 2020-09-08. Retrieved 2021-03-10.
- ^ "Empower Retirement Acquires Truist Retirement Plan Recordkeeping Business". 6 January 2021.
- ^ "Empower to buy Fifth Third's record-keeping business". Pensions & Investments. 2020-09-29. Retrieved 2021-03-10.
- ^ "Empower renames to bolster engagement with customers". Empower. Retrieved 2022-08-17.
- ^ "Empower closes acquisition of Prudential Financial retirement business". Empower. Retrieved 2022-08-17.