March 20, 2014 – Putnam Investments and Great-West Financial have raised their 401(k) plan firepower by combining their retirement businesses.
In addition, Great-West Lifeco Inc., the parent company of both Putman and Great-West Financial, on Thursday announced that Robert L. Reynolds, president and chief executive of Putnam, has been named president and CEO of Great-West Lifeco U.S. He will replace Mitchell T.G. Graye, who is retiring on May 8 after spending more than two decades with Great-West.
Mr. Reynolds will remain CEO of Putnam.
Once Putnam’s retirement business is integrated into Great-West’s, the combined blocks of business will add up to $220 billion in assets under administration and more than 5 million participants. The integration only affects the retirement business.
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