GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Great-West Financial,® which recently completed its acquisition of the J.P. Morgan Retirement Plan Services large-market recordkeeping business and is integrating the retirement business of Putnam Investments, today announced that Edmund F. Murphy III has been named President of the firm’s combined retirement organization. Effective immediately, Murphy, age 52, will be based in Denver and report to Robert L. Reynolds, President and Chief Executive Officer of Great-West Financial.
Murphy, who has held a series of top executive roles in his 30-year industry career and was most recently Head of Defined Contribution at Putnam, is assuming leadership of the second largest provider in the U.S. defined contribution market with nearly 7 million participants and more than $400 billion in retirement plan assets. Under his direction, Great-West Financial will serve every segment of the employer-sponsored retirement plan market: small, mid and large-sized corporate 401(k) clients, government 457 plans and non-profit 403(b) entities, as well as private label recordkeeping clients.
In making the announcement, Reynolds explained, “Our organization has a unique opportunity to significantly raise the bar of retirement preparedness in our country by setting the direction toward stronger, sustainable results for working Americans and their employers. In Ed Murphy, we have selected an outstanding, experienced leader to take on the U.S. retirement savings challenge through inspired thinking, innovation, and a deep sense of commitment. I will be working closely with Ed and his outstanding leadership team as Great-West Financial brings a new outcome-oriented approach to meeting the needs of America’s retirement marketplace.”
Commenting on his appointment, Murphy said, “I am extremely excited about what Great-West Financial will be providing to plan sponsors, participants, advisors and consultants in the months and years ahead. We aim to take the retirement savings industry to the next level – by helping millions of workers try to achieve more dignified, financially successful retirements.”
Murphy added that “the expertise and capabilities we are bringing together within Great-West Financial is the most impressive combination of talent and focused energy that I have seen over my three decades in the financial services industry. Ultimately, it will be our clients, the marketplace and millions of working Americans who should benefit from what this extraordinary team will do.”
The following key senior leaders are reporting directly to Murphy in the combined Great-West Financial retirement organization:
- Charlie Nelson – Core, Government, and FASCore Institutional Markets
- David Musto – Large, Mega and 403(b) Markets
- Carol Waddell – Rollover
- W. Van Harlow – Great-West Financial Institute and Strategic Solutions
- Stephen Jenks – Marketing
Murphy indicated that further organizational announcements are expected in the coming weeks and that the business will continue to keep the marketplace apprised of important developments.
Background on Edmund F. Murphy III
Murphy has held a series of senior executive positions in the retirement and asset management industries over his 30-year career. Most recently, he has been Head of Defined Contribution at Putnam Investments since early 2009 and served on the firm’s Operating Committee since 2011. Under his leadership at Putnam, the firm launched a low-cost, high-touch defined-contribution platform for advisors and plan sponsors that provides flexible and scalable services, state-of-the-art technology and customized plan designs for advisors, consultants and their plan sponsor clients in every segment of the retirement market.
During this period, Putnam received industry-wide accolades for its Lifetime Income SM Analysis Tool, which helps individuals and their advisors in Putnam-administered 401(k) plans view progress towards their retirement goals through a new prism: their projected monthly income needs in retirement and how far along they are toward being able to meet those needs.
Murphy’s executive leadership record includes nearly 20 years at Fidelity Investments, where he held increasingly responsible executive roles in the company’s Institutional, Private Equity, and Retail businesses. As Executive Vice President of Fidelity’s Emerging Corporate Market Group, the firm’s small market defined contribution platform nearly doubled from $48 billion to $80 billion while under his leadership for four years. Additionally during his tenure, Murphy served as Executive Vice President of Distribution for Personal and Workplace Investing, Managing Director of Fidelity Capital, and Senior Vice President of both Strategic Planning and Distribution at Fidelity Personal Investments and Brokerage. Murphy also served as President and CEO of Veritude, LLC, and as board member of BostonCoach and several other Fidelity-owned companies.
Earlier, Murphy spent seven years with Merrill Lynch.
He is currently on the boards of the Cristo Rey School, Boston College Wall Street Council, New England Council, and Employee Benefit Research Institute. Murphy has a B.A. from Boston College.
About Great-West Financial
Great-West Financial® is a registered mark of Great-West Life & Annuity Insurance Company. Headquartered in metro Denver, Great-West Financial administers $431 billion in assets for its nearly 7.5 million retirement, insurance and annuity customers.
Great-West Financial acquired J.P. Morgan Retirement Plan Services (RPS) on Aug. 29, 2014. It is the nation’s second-largest retirement plan record keeper (based on total participant accounts at Dec. 31, 2013 and calculated using combined Great-West Financial and RPS data from PLANSPONSOR, June 2014) and second-largest underwriter of life insurance sold through banks (BISRA Life Report, Fourth Quarter 2013, based on total premiums at Dec. 31, 2013). It is an indirect, wholly owned subsidiary of Great-West Lifeco Inc. and “A Member of the Power Financial Corporation Group of Companies” ®.
Great-West Financial® refers to products and services provided by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO, its subsidiaries and affiliates. Recordkeeping information and rankings reflect all recordkeeping customers of GWL&A subsidiary FASCore, LLC: those of institutional partners, third-party administrator clients and Great-West Financial. The trademarks, logos, and registered marks used are owned by GWL&A. “A Member of the Power Financial Corporation Group of Companies” is the registered mark of Power Corporation of Canada.