Type | Subsidiary |
---|---|
ISIN | CA39138C1068 |
Industry | Financial services |
Founded | 1891[1] |
Founder | Jeffry Hall Brock [2] |
Headquarters | , |
Number of locations | ~40 (as of December 2020 [update] ) |
Area served | Worldwide |
Key people | Edmund F. Murphy III (CEO) [3] |
Products | Investment 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 |
Services | Financial services |
Revenue | US$60.6 bil Ytd Dec'2020 65.9% [4] |
US$3.1 bil Ytd Dec'202064.8% [4] | |
AUM | US$1.0 trillion Ytd Dec'2020 [5] |
Total assets | US$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) |
Parent | Great-West Lifeco |
Subsidiaries | Personal Capital [5] |
Rating | Fitch: AA (2020) Moody's: Aa3 (2020) S&P: AA (2020) AM Best: A+ (2020) |
Website | empower |
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]
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]
Empower Field at Mile High is an American football stadium in Denver, Colorado, United States. Its primary tenant is the Denver Broncos of the National Football League (NFL). It opened in 2001 to replace the Broncos' original home, the old Mile High Stadium. The venue was previously home of the Denver Outlaws lacrosse team and the Colorado Rapids soccer team. It has also played host to countless concerts and served as the venue for Barack Obama's acceptance of the Democratic presidential nomination at the 2008 Democratic National Convention.
Putnam Investments (Putnam) is an investment management firm founded in 1937 by George Putnam, who established one of the first balanced mutual funds, The George Putnam Fund of Boston.
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Great-West Lifeco Inc. is a Canadian insurance-centered financial holding company that operates in North America, Europe and Asia through five wholly owned, regionally focused subsidiaries. Many of the companies it has indirect control over are part of its largest subsidiary, The Canada Life Assurance Company; the others are managed by Great-West Lifeco U.S. LLC, a U.S. based subsidiary. Great-West Lifeco is indirectly controlled by Montreal billionaire Paul Desmarais Jr. through his stake in the Power Corporation of Canada, which owns 72% of Great-West Lifeco. The hyphen in the company's name was originally a typesetter's error.
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