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J.P. Morgan to Sell Part of Business That Administers Retirement Plans

J.P. Morgan to Sell Part of Business That Administers Retirement Plans

J.P. Morgan Chase JPM +0.30% & Co. is selling part of its retirement business to Great-West Financial, a move that will significantly boost the Denver-based money manager’s retirement holdings.

As part of the deal, Great-West will acquire 200 clients with $167 billion in assets under administration and 1.9 million retirement-plan participants that were part of J.P. Morgan Asset Management’s record-keeping business.

The deal will make Great-West the No. 2 record-keeper in the retirement business behind Fidelity Investments, which has $1.1 trillion in record-keeping assets, according to BrightScope, a San Diego financial information firm that rates 401(k) plans. Record keepers provide administrative support for retirement plans.

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