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Empower (financial services)

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Empower
Company typeSubsidiary
ISINCA39138C1068
IndustryFinancial services
Founded1891; 133 years ago (1891) [1]
FounderJeffry Hall Brock[2]
Headquarters
Greenwood Village, Colorado
,
U.S.
Number of locations
~40 (as of December 2020)
Area served
Worldwide
Key people
Edmund F. Murphy III (CEO)[3]
ProductsInvestment banking
Finance
Finance and insurance
Asset management
Wealth management
Investment management
Brokerage services
Mutual funds
Insurance
Risk management
Investment advisory
Annuities
Employee benefits
Equities trading
Financial advisory
Retirement planning
Financial literacy
Underwriting
ServicesFinancial services
RevenueUS$60.6 bil Ytd Dec'2020
Increase65.9%[4]
US$3.1 bil Ytd Dec'2020Increase64.8%[4]
AUMUS$1.0 trillion Ytd Dec'2020 [5]
Total assetsUS$1.0 trillion 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)[5] (2020)
ParentGreat-West Lifeco
SubsidiariesPersonal Capital[5]
RatingFitch: AA (2020)
Moody's: Aa3 (2020)
S&P: AA (2020)
AM Best: A+ (2020)
Websiteempower.com

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

  1. ^ a b "Our History".
  2. ^ "Jeffry Hall Brock (1850-1915)". Retrieved 2011-01-08.
  3. ^ "Executive Leadership". Empower Retirement. Retrieved 14 November 2019.
  4. ^ a b "2020 4Q Report". Dec 31, 2020.
  5. ^ a b c d "Stats at a Glance".
  6. ^ "Empower Retirement Achieves $1 Trillion AUA, Cites Client and Advisor Success as Keys to Growth". 9 March 2021.
  7. ^ a b "Broncos, Empower Retirement agree to deal for stadium naming rights". Denver Post. 4 September 2019. Retrieved 14 November 2019.
  8. ^ "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.
  9. ^ "Former J.P. Morgan business takes new name: Empower Retirement". Kansas City Business Journal. Retrieved 14 November 2019.
  10. ^ "Great-West Life taps Edmund Murphy to succeed Robert Reynolds as CEO". Investment News. 7 February 2019. Retrieved 14 November 2019.
  11. ^ "Empower naming-rights deal includes community engagement". Pensions and Investments. 30 September 2019. Retrieved 14 November 2019.
  12. ^ Jensen Werley (September 29, 2020). "Empower Retirement makes second acquisition this month". Denver Business Journal.
  13. ^ Ross Snel (September 11, 2020). "Week's Best: Empower Retirement Cuts Another Deal". Barrons.
  14. ^ "Great-West subsidiary buys MassMutual retirement services business in $4.4B deal". BNN Bloomberg. 2020-09-08. Retrieved 2021-03-10.
  15. ^ "Empower Retirement Acquires Truist Retirement Plan Recordkeeping Business". 6 January 2021.
  16. ^ "Empower to buy Fifth Third's record-keeping business". Pensions & Investments. 2020-09-29. Retrieved 2021-03-10.
  17. ^ "Empower renames to bolster engagement with customers". Empower. Retrieved 2022-08-17.
  18. ^ "Empower closes acquisition of Prudential Financial retirement business". Empower. Retrieved 2022-08-17.
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