News Flash - JPMorgan Assumes Control Of Retirement Joint Venture
June 16, 2003
JPMorgan, the asset management unit of J.P. Morgan Chase & Co., has taken sole ownership of its joint venture retirement plan with American Century Investments.
What was J.P. Morgan/American Century Retirement Plan Services is now JPMorgan Retirement Plan Services.
The joint venture was created in January 1998 to sell bundled defined contribution services and investment options. It has 170 corporate clients, 793,754 retirement plan participants and assets of $45.2 billion.
The transfer of ownership does not change JPMorgan's 45% equity stake in American Century.
American Century President and Chief Executive Officer William M. Lyons said the ownership transfer was part of American Century's long-term strategy to concentrate on its investment management business.
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