Putnam’s Reynolds to Head Great-West Lifeco U.S.

The combined assets under administration will total $220 billion, and serve more than 5 million participants, Reynolds said.

"The U.S. market represents a significant growth opportunity for Great-West Lifeco," said Paul Mahon, president and CEO of that firm.  "The new structure will allow Great-West Lifeco to pursue expanded U.S. market opportunities by leveraging the combined strengths and capabilities of our core businesses in a coordinated manner to best serve clients."

"Bob has been a driving force of innovation and industry progress in financial services for three decades, having led institutional and retail asset management, insurance and retirement services businesses over the course of his career," Mahon said.

Reynolds added that "by drawing upon the vision, leadership and dedication to excellence of two superb retirement businesses, with their unmatched client service, product, marketing and technology capabilities, we will be in a position to provide the U.S. marketplace with a superior, leading-edge offering across every client segment."

The combined retirement businesses, headed by Charles P. Nelson, president of retirement services, at Great-West Financial and Edmund F. Murphy III, head of defined contribution, at Putnam, will report to Reynolds. Nelson and Murphy, Reynolds said, will "work together" on the integration.