Great-West names leaders for new retirement organization

Great-West Financial has assembled a new leadership team to oversee the new retirement organization that includes J.P. Morgan Retirement Plan Services’ record-keeping business and Putnam Investments’ retirement unit.
The new entity, which will soon undergo rebranding, will be overseen by Edmund F. Murphy III, who will step in as president. Previously, he was the head of defined contribution at Putnam.
Mr. Murphy will report to Bob Reynolds, president and chief executive of Great-West Financial. “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,” Mr. Reynolds said in a statement.
In his new role, Mr. Murphy will have a slate of executives who will report to him, including:
• Charles P. Nelson, president of Great-West Retirement Services, who will handle the core, government and FASCore institutional markets. FASCore handles record-keeping and plan administration duties.
• David Musto, who will handle the large, mega and 403(b) markets. Prior to the Great-West-J.P. Morgan deal, Mr. Musto was CEO of J.P. Morgan Retirement Plan Services.
• Carol Waddell, also a J.P. Morgan alumna, will handle the rollover business in her new capacity at Great-West’s retirement group. Previously, she was a managing director at J.P. Morgan, leading product and marketing for the Retirement Plan Services unit.
• W. Van Harlow, director of research at the Putnam Institute, will oversee the Great-West Financial Institute and Strategic Solutions.
• Stephen Jenks, previously head of Putnam’s defined contribution and marketing, now will lead marketing for the new organization.
(See also: Putnam, Great-West Financial to combine retirement businesses.)
Combined, three companies have some 7 million participants and more than $400 billion in retirement plan assets. The deal also gives the new entity access to the broad retirement plan market, from 403(b) and 457 plans to 401(k) plans, as well as access to plan markets in the small-, mid- and large-plan ranges.