Prudential FlexGuard reaches $10B total sales milestone at record pace insurancenewsnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancenewsnet.com Daily Mail and Mail on Sunday newspapers.
Empower Buys Prudential Retirement Assets For $3.55B Empower Retirement s acquisition of Prudential s full-service retirement business is making it more competitive with Vanguard and Fidelity.
In deal valued at $3.55 billion, Empower Retirement is buying Prudential Financial’s full-service retirement business, the firms announced on Wednesday. Prudential expects to receive total proceeds of approximately $2.8 billion from the deal. Empower, the second largest player in the retirement plan record-keeper space behind Fidelity, will receive Prudential’s defined contribution, defined benefit, non-qualified and rollover IRA businesses.
Included in the transaction, which is subject to regulatory approval, will be Prudential’s full-service retirement recordkeeping business of more than 4,300 workplace savings plans consisting of approximately 4 million plan participants and $314 billion in assets. Empower Retirement will also be the new company home for the more than 1,800 f