Let it never be said that Bob Reynolds
, chief of Great-West Lifeco U.S.
and Putnam Investments
, doesn't think big.
In an interview
, Reynolds outlined his vision for taking on Fidelity
in the 401(k) space.
A key part of this plan is developing scale in the record-keeping function. Reynolds' first major move in this direction, of course, was his firm's acquisition of JP Morgan's record-keeping business
. This acquisition will give Reynolds' organization the ability administer 401(k)-type accounts with a combined $387 billion in assets, according to the newswire.
“I'm very hungry to be the best,…I know the business so well," Reynolds is quoted as saying in the article.
According to the article, he next stages in his plan include more lifetime income products that would combine mutual funds with annuities. One such product is planned for launch as early as this year, according to the article.
Great West and Putnam merged their retirement operations in March
, as Reynolds was promoted to president and CEO of Great West, which is Putnam's parent.
Once the businesses are fully merged, Reynolds said that he plans to market Putnam investment products and Great West insurance products to 401(k) plan participants.
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