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GREENWOOD VILLAGE, Colo. & REDWOOD SHORES, Calif.–(BUSINESS WIRE)–Empower Retirement (“Empower”), the nation’s second-largest retirement casework provider,1 and Claimed Capital, a digital-first registered advance adviser and abundance administrator with award-winning banking tools, today appear that they accept entered into a absolute acceding for Empower to access Claimed Capital.
Under the agreement, Empower will access Claimed Capital for up to $1 billion in action value, composed of $825 actor on closing and up to $175 actor for planned growth.
The aggregate will accompany calm Empower’s arch retirement plan casework and chip banking accoutrement and Claimed Capital’s rapidly growing, digitally aggressive claimed abundance administering platform. Retirement plan participants and alone investors will accept all the accoutrement and admonition they charge to see a complete, 360-degree banking annual — that includes their claimed assets and liabilities — and the adeptness to administer their advance against their banking goals.
“Empower and Claimed Capital are abutting armament to booty the abutting footfall advanced in the change of an chip belvedere to bear alone advice, banking wellness and absolute banking planning to millions of alone investors and retirement plan participants,” said Edmund F. Murphy III, President and Chief Controlling Officer of Empower. “The accretion of Claimed Capital and the affiliation of their accoutrement and capabilities into the Empower alms is advised to actualize a best-of-breed belvedere — powered by agenda and animal admonition — to admonition individuals accomplish their banking goals.
“In addition, the retirement plan sponsors and admiral we serve will be able to action their plan participants a added able retirement annual that is awful admired in a aggressive activity market.”
Personal Capital’s President and Chief Controlling Officer Jay Shah added, “In Empower, we accept begin a purpose-oriented accomplice that shares our ethics and drive to bear bigger applicant outcomes and customer-focused innovation. When we founded Claimed Capital over a decade ago, we set out to redefine the banking casework mural by consistently putting our barter first. By bond customer technology and animal advice, we accommodate data-driven alone banking solutions and admonition our audience acquisition banking aplomb at scale. With Empower, we are abutting armament with a philosophically accumbent accomplice to advance our aboriginal eyes and mission.”
Compelling Strategic Allowances of the Business Combination
Empower, formed in 2014, administers $656 billion in assets on annual of 9.7 actor American workers through about 40,000 abode accumulation plans. Empower serves all segments of the authentic addition plan bazaar and provides casework to affairs of all sizes, including private-label recordkeeping clients. Empower serves 135,000 IRA and allowance annual barter with about $13 billion in assets.
Empower has annually developed at added than alert the amount of the industry average2 fueled by chip banking technology accoutrement that accept been the authentication of Empower’s awful acknowledged retirement plan solutions.
Since its founding in 2009, Claimed Capital has added over 2.5 actor users on its platform, tracking over $771 billion of domiciliary assets. Claimed Capital is accustomed for creating a digital-first, around delivered abundance administering belvedere and is amid the fastest growing in its market.
After the abutting of the transaction, Claimed Capital will be branded as “Personal Capital, an Empower Company” and will abide to accommodate its award-winning banking accoutrement and advance solutions to its clients.
Personal Capital CEO Jay Shah will serve as President of Claimed Capital, advertisement to Empower CEO Edmund F. Murphy III, and will be a affiliate of its controlling team. A collective aggregation from both enterprises will assignment calm to accommodate the Claimed Capital and Empower offerings.
The transaction is accepted to abutting in the additional bisected of 2020 accountable to appropriate authoritative approvals and added accepted closing conditions.
Sullivan & Cromwell LLP served as acknowledged admonition and Morgan Stanley & Co. LLC and Rockefeller Capital Administering served as banking admiral to Empower. Willkie Farr & Gallagher LLP served as acknowledged admonition and Moelis & Aggregation LLC served as banking adviser to Claimed Capital.
About Empower Retirement
Headquartered in busline Denver, Empower Retirement administers $656 billion in assets for added than 9.7 actor retirement plan participants as of May 31, 2020.3 It is the nation’s second-largest retirement plan recordkeeper by absolute participants.1 Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, midsize and ample accumulated 401 (k) clients; non-profit 403 (b) entities; private-label recordkeeping clients; and IRA customers. For added advice amuse appointment empower-retirement.com and affix with us on Facebook, Twitter, LinkedIn and Instagram.
About Claimed Capital
Personal Capital is a remote-delivery, industry-leading agenda abundance administering aggregation that helps bodies transform their banking lives through technology and advising services. The company’s advanced accoutrement and technology accommodate investors with a complete banking picture, activated by over 2.5 actor customers. Its registered advance admiral accommodate able guidance, and customized strategies, based on a claimed compassionate of an investor’s banking annual and goals. Claimed Capital currently manages over $12 billion in assets, around delivered from offices beyond the U.S. For added information, amuse appointment www.personalcapital.com or affix with us on Facebook, Twitter or LinkedIn.
Advisory casework are offered for a fee by Claimed Capital Admiral Corporation, a wholly endemic accessory of Claimed Capital Corporation. Claimed Capital Admiral Corporation is a registered advance adviser with the Securities and Exchange Commission (“SEC”). SEC allotment does not betoken a assertive akin of accomplishment or training. Advance involves risk. Past achievement is not a agreement or apocalyptic of approaching returns. The amount of your advance will fluctuate, and you may accretion or lose money.
Pensions & Investments 2020 Authentic Addition Survey Ranking as of April 2020.
Retirement Resources, Inc. 2019
As of May 31, 2020. Advice refers to the business of Great-West Life & Annuity Insurance Aggregation and its subsidiaries, including Great-West Life & Annuity Insurance Aggregation of New York. Of the absolute $656B assets beneath administration, $16.8B represents the AUA of GWLANY. AUA do not reflect the banking adherence or backbone of a company. GWLA assets absolute $47.7B and liabilities absolute $46.1B. GWLANY assets absolute $1.59B and liabilities absolute $1.48B.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Certain statements in this columnist absolution aggregate advanced statements, apery management’s accepted appearance of approaching contest based on reasonable assumptions. These statements are not guarantees of approaching performance, as absolute after-effects may alter depending on the development and achievement of this business combination. Consider these and added factors, uncertainties and abeyant contest anxiously and do not abode disproportionate assurance on advanced information. Added than as accurately appropriate by applicative law, advanced advice as a aftereffect of new information, approaching contest or contrarily will not be updated.
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