(Bloomberg) -- JPMorgan Chase & Co., the largest U.S. lender, agreed to sell its large-market 401(k)recordkeeping business to a division of Canadian life insurer Great-West Lifeco Inc. Terms of the transaction werent disclosed.
The deal will make Great-West the second-largest recordkeeper of 401(k)-type retirement plans by participants, serving 6.8 million workers with a combined $387 billion in assets, the company said today in a statement from Winnipeg, Canada. The largest provider of retirement recordkeeping services, which include sending out account statements and other communications to participants, is Boston-based Fidelity Investments.
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