American Century Investments and JPMorgan, the asset management unit of J.P. Morgan Chase & Co., announced Tuesday that the Morgan unit took sole ownership of the companies' joint venture retirement plan on June 1.
What was J.P. Morgan/American Century Retirement Plan Services officially became JPMorgan Retirement Plan Services on Sunday.
The joint venture was created in January 1998 to sell bundled defined contribution services and investment options. It has 170 corporate clients with 793,754 retirement plan participants. Plan assets are $45.2 billion, with $7.5 billion managed by American Century and $5.6 billion managed by JPMorgan Fleming.
By terms of the deal, American Century, a Kansas City, Mo., fund management company, remains an asset manager for current plans, and its investment management strategies will still be offered to new clients. Also, the ventures 700 employees, who are primarily in Kansas City, Denver and New York, are to remain with the company.
Other terms were not disclosed. The transfer of ownership does not change JPMorgans 45% equity stake in American Century.
American Century president and chief executive officer William M. Lyons said the ownership transfer was part of American Century's long-term strategy to concentrate on its investment management business.