Great-West Lifeco Inc. is putting one man in charge as part of a restructuring of its U.S. financial services operations.
The Winnipeg-based industry giant announced today that Robert Reynolds, president and CEO of its Boston-based Putnam Investments, will also be assuming the same titles with its Denver-based Great-West Financial and with Great-West Lifeco U.S. Inc., the parent company of Putnam and Great-West Financial.
As well, under Reynolds’ leadership, the retirement business of Putnam and Great-West Financial will be combined to create one of the U.S.’s leading providers of comprehensive retirement services to small, mid and large-sized corporate 401(k) clients, government 457 plans and non-profit 403(b) entities, the company said.
The combined retirement business will reside within Great-West Financial.
Reynolds said that "by drawing upon the vision, leadership and dedication to excellence of two superb retirement businesses... we will be in a position to provide the U.S. marketplace with a superior, leading-edge offering across every client segment." His appointment as head of Great-West Lifeco U.S. Inc. takes effect immediately, while his appointment to head up Great-West Financial takes effect when current president and CEO Mitchell Graye retires in May.
Although their retirement businesses will be merged, Great-West Financial and Putnam will continue to operate as distinct entities because both are long-established industry leaders, Great-West Lifeco added.
"The U.S. market represents a significant growth opportunity for Great-West Lifeco," company president and CEO Paul Mahon said in announcing the changes.
"The new structure will allow Great-West Lifeco to pursue expanded U.S. market opportunities by leveraging the combined strengths and capabilities of our core businesses in a co-ordinated manner to best serve clients."