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Putnam Investments and its parent company have quickly added more heft to their newly combined retirement business, acquiring J.P. Morgan’s Retirement Plan Services, the companies said Thursday
The deal will make the merged groups the second-largest recordkeeper and servicer of 401(k) assets, behind Fidelity Investments, according to Putnam’s parent company, Great-West Financial of Greenwood Village, Colo.
Terms of the deal, which is expected to close in the third quarter this year, were not disclosed.
Wall Street’s J.P. Morgan has 200 retirement plan clients with 1.9 million participants and $167 billion in assets, as well as 1,000 employees. Putnam chief executive Robert Reynolds, who also recently was named chief of Great-West Lifeco U.S., said he expects to keep J.P. Morgan’s employees.