Empower bulks up by adding Prudential unit
Acquisition will solidify firm's position as second-largest record keeper in U.S.
Edmund F. Murphy III said the deal will let Empower continue to build scale.
The fight for dominance among record keepers intensified this month as Empower Retirement stepped forward with plans to acquire Prudential Financial Inc.'s retirement business for $3.55 billion.
The deal, announced July 21, will add more than 4,300 workplace retirement plans with about 4 million participants and $314 billion in assets to Empower's rapidly growing platform. When the deal closes as anticipated in the first quarter of 2022, Empower will have 16.6 million participants, narrowing the gap with its next nearest rival — and record-keeping industry leader — Fidelity Investments, which as of Sept. 30 had 25.7 million participants, according to