Latest news with #EdmundF.MurphyIII
Business Wire
14-05-2025
- Business
- Business Wire
Empower and Sagard Partner to Expand Access to Private Markets in Retirement Plans
NEW YORK--(BUSINESS WIRE)--Empower, the second-largest retirement services provider in the U.S., administering more than $1.8 trillion in assets for 19 million investors, today announced a partnership with Sagard, a global alternative asset manager with over US$27B of assets under management, in a new program that will pave the way for private market investments to be included within defined contribution retirement plans. As part of this new program, Sagard-managed strategies will be made accessible via collective investment trusts in coming years 1. These structures are designed to bring the benefits of private market investing—such as diversification, potential for enhanced returns, and exposure to less correlated assets—to retirement plan participants in a cost-efficient and liquidity-aware manner. 'Partnering with Empower in this groundbreaking initiative aligns perfectly with our objective to broaden access to high-quality alternative investments in the U.S.,' said Paul Desmarais III, Chairman and CEO at Sagard. 'Private markets have historically been limited to institutional and high-net-worth investors. We're excited to democratize these investment strategies by making them available to a wider population saving for retirement.' 'Empower is making a profound move on behalf of American retirement investors who should have the ability to invest in an asset class that has the potential to diversify their portfolios and offer opportunities for returns in new ways,' said Empower President and CEO Edmund F. Murphy III. 'Sagard's diversified alternative investment strategies in private equity, private credit, and real estate; successful track record of performance, and strong ability to partner on new product launches make them an ideal partner in building this exciting new program.' Key Benefits of the Program Include: Access to Institutional-Quality Private Market Investments: Through Sagard's strategies, eligible participants will gain exposure to opportunities in private markets that have traditionally been unavailable through defined contribution plans. Portfolio Diversification: Including private markets in retirement portfolios offers potential for differentiated returns and improved risk-adjusted performance over the long term. Efficient and Transparent Structures: Investments will be delivered through collective investment trusts to offer appropriate liquidity management and cost efficiencies for retirement plan participants. Empower and Sagard expect to collaborate on broadening access to Sagard-managed investment strategies in years to come. More details about Empower's announcement can be found here. About Sagard Sagard is a global multi-strategy alternative asset management firm with over US$27B under management, 150 portfolio companies, and 400 professionals. We invest in venture capital, private equity, private credit, and real estate. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. Our firm has offices in Canada, the United States, Europe, and the Middle East. For more information, visit or follow us on LinkedIn.
Yahoo
14-05-2025
- Business
- Yahoo
Empower and Sagard Partner to Expand Access to Private Markets in Retirement Plans
New initiative will bring Sagard's investment products to defined contribution retirement plans Other asset managers selected include Apollo, Franklin Templeton, Goldman Sachs, Neuberger Berman, PIMCO, and Partners Group NEW YORK, May 14, 2025--(BUSINESS WIRE)--Empower, the second-largest retirement services provider in the U.S., administering more than $1.8 trillion in assets for 19 million investors, today announced a partnership with Sagard, a global alternative asset manager with over US$27B of assets under management, in a new program that will pave the way for private market investments to be included within defined contribution retirement plans. As part of this new program, Sagard-managed strategies will be made accessible via collective investment trusts in coming years1. These structures are designed to bring the benefits of private market investing—such as diversification, potential for enhanced returns, and exposure to less correlated assets—to retirement plan participants in a cost-efficient and liquidity-aware manner. "Partnering with Empower in this groundbreaking initiative aligns perfectly with our objective to broaden access to high-quality alternative investments in the U.S.," said Paul Desmarais III, Chairman and CEO at Sagard. "Private markets have historically been limited to institutional and high-net-worth investors. We're excited to democratize these investment strategies by making them available to a wider population saving for retirement." "Empower is making a profound move on behalf of American retirement investors who should have the ability to invest in an asset class that has the potential to diversify their portfolios and offer opportunities for returns in new ways," said Empower President and CEO Edmund F. Murphy III. "Sagard's diversified alternative investment strategies in private equity, private credit, and real estate; successful track record of performance, and strong ability to partner on new product launches make them an ideal partner in building this exciting new program." Key Benefits of the Program Include: Access to Institutional-Quality Private Market Investments: Through Sagard's strategies, eligible participants will gain exposure to opportunities in private markets that have traditionally been unavailable through defined contribution plans. Portfolio Diversification: Including private markets in retirement portfolios offers potential for differentiated returns and improved risk-adjusted performance over the long term. Efficient and Transparent Structures: Investments will be delivered through collective investment trusts to offer appropriate liquidity management and cost efficiencies for retirement plan participants. Empower and Sagard expect to collaborate on broadening access to Sagard-managed investment strategies in years to come. More details about Empower's announcement can be found here. About Sagard Sagard is a global multi-strategy alternative asset management firm with over US$27B under management, 150 portfolio companies, and 400 professionals. We invest in venture capital, private equity, private credit, and real estate. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. Our firm has offices in Canada, the United States, Europe, and the Middle East. For more information, visit or follow us on LinkedIn. _____________________________ 1Retirement plan participants can only access private market investments through Empower if their employers allow these investments to be made available. Employers must work with an advisor to offer these investments through a managed account platform created in conjunction with Empower. The managed account requirement is offered to match the investment against an individual's risk tolerance and long-term financial goals, among other factors. View source version on Contacts Media Contact: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
08-05-2025
- Business
- Business Wire
Empower Reports Base Earnings of $255M in First Quarter, up 13% Year Over Year
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Empower announced today it has achieved base earnings of $255 million for the first quarter of 2025, up 13% from the same period in 2024. The retirement services and wealth management provider added approximately $42 billion in assets under administration to its Workplace Solutions unit over the past 12 months ending March 31, 2025, which includes 700,000 new participants and 12,000 new plans. In addition, Empower Personal Wealth TM, the firm's wealth management unit, which recognized its second anniversary this quarter, has seen net flows up 115% to $2.8 billion from this time last year, driven by retention and strong sales growth of 30% from the prior year. Empower released results as part of a broader quarterly announcement by its parent company, Winnipeg-based Great-West Lifeco (TSX: GWO-CA). For more information on Great-West Lifeco's first-quarter 2025 results, please see the release on firm's website. 'Empower is presenting itself to a range of investors and employers who are coming to us in a greater degree because of our expanding capabilities, insights, and offerings,' said Empower President and CEO Edmund F. Murphy III. 'We are making investments in our customers' needs like never before and they are, in turn, choosing to invest with us.' The company serves more than 19 million individuals and administers more than $1.8 trillion in assets 2. In Empower's Workplace Solutions unit, the second-largest retirement services provider in the U.S. by plan participants 1, request-for-proposal activity in the last year has been higher than any previous year across plan types, including 401(k), 457(b), and 403(b) defined contribution plans of all sizes covering corporate, government, and not-for-profit employers. The $42 billion in AUA represents funded organic sales over the last year. As of March 31, 2025, Empower has provided retirement services to approximately 89,000 retirement plans over the past year. New workplace clients Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, midsize, and large corporate 401(k) clients; nonprofit 403(b) entities; Taft-Hartley plans; and private-label recordkeeping clients. Empower has approximately $56 billion in funded and committed sales for 2025, which will exceed prior full-year sales by 13%, including nine new clients with more than $1 billion in AUA. The firm currently serves 29 state government plans and supports the retirement needs of more than 4 million public employees exceeding more than $252 billion in assets,* and has seen average balances of government employees increase by 7% from this time last year. Empower is the leading provider of retirement services to states and continues to gain new government clients. Within the last year, Empower has welcomed new government clients such as the State of Maryland and the City of Anaheim, CA, and Nassau County, NY, an existing 15-year client, renewed in 2025, as did the State of New Hampshire and Contra Costa County, CA. Expanding capabilities Earlier in the first quarter, the firm launched new capabilities for employers sponsoring retirement plans, announcing a new consumer-directed healthcare (CDH) offering to help individuals manage their healthcare finances in conjunction with their full financial picture. Empower Consumer-Directed Health will offer employers and individuals an array of offerings to help them make use of products and services that allow for optimization of their health and wealth benefits. Empower is now offering benefits such as health savings accounts (HSAs), flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), voluntary employees' beneficiary association plans (VEBAs), wellness incentives, lifestyle benefits, and more. In September 2024, Empower announced the acquisition of Plan Management Corporation (PMC), the creator of OptionTrax, a leading digital equity plan administration platform and service provider, which paved the way for the establishment of Empower Stock Plan Services. ABOUT EMPOWER Recognized as the second-largest retirement services provider in the U.S. 1 by total participants, Empower administers approximately $1.8 trillion in assets 2 for more than 19 million individuals through the provision of retirement plans, advice, wealth management, and investments. Connect with us on Facebook, X, LinkedIn, TikTok, and Instagram. * As of March 31, 2025. 1 Pensions & Investments DC Recordkeeper Survey (2024). Ranking measured by total number of participants as of December 31, 2023. 2 As of or for the year ended March 31, 2025. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EAIC), marketed under the Empower brand. Assets under Administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company. Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. 'EMPOWER' and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America. The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or sell securities. All visuals are illustrative only. ©2025 Empower Retirement, LLC. All rights reserved. RO-4483219-0525 Learn more: To learn more about how we're empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.
Yahoo
07-02-2025
- Business
- Yahoo
Empower Achieves Record Base Earnings of $973M in 2024, up 30% From Prior Year
Retirement and wealth units grew AUA by 22% and 29%, respectively Adds 600,000 net new plan participants in retirement plan business GREENWOOD VILLAGE, Colo., February 07, 2025--(BUSINESS WIRE)--Empower today announced it broke into record earnings territory by achieving $973 million in base earnings,1,2 up 30% from 2023, through business growth and sales momentum in both its workplace and wealth management businesses in 2024. Base return-on-equity1,3 has increased from approximately 12% to 16% in the past 12 months. Net earnings growth was 42% for 2024. Empower, a leading provider of retirement and wealth management services, released results as part of a broader quarterly announcement by its parent company, Winnipeg-based Great-West Lifeco (TSX: GWO-CA). For more information on Great-West Lifeco's fourth-quarter 2024 results, please see the release on the firm's website. Empower now administers $1.8 trillion in assets (AUA)1,2 for more than 19 million individuals. Empower Workplace Solutions manages approximately 88,000 employer-sponsored retirement plans, and in 2024 won the trust of approximately 600,000 net new plan participants, an increase of 3.4% over the last year. Synergies from the integration of Prudential's retirement business and Empower's expense efficiency initiatives are reflected in Empower's strong base earnings1 growth. For 2024, the average AUA2 growth in the company's Workplace Solutions unit was 22%. Empower Personal WealthTM, which recognizes its second anniversary this quarter, saw 29% growth in average AUA1,2 in 2024. Positive net flows into Personal Wealth were supported by continued success in capturing rollover volume from defined contribution plans. "At the center of Empower's growth strategy is the delivery of financial advice to more people in new ways," said Empower President and CEO Edmund F. Murphy III. "We achieved four strong quarters of growth in 2024 because our customers, their advisors, and the partners with whom we work are bringing much-needed advice to the millions of people we serve. "The year 2024 proved we are positioned to further expand this business and help our clients seize opportunities to build the financial security they want and need," said Murphy. ABOUT EMPOWER Recognized as the second-largest retirement services provider in the U.S.4 by total participants, Empower administers approximately $1.8 trillion in assets1,2 for more than 19 million individuals through the provision of retirement plans, advice, wealth management and investments. Connect with us on Facebook, X, LinkedIn, TikTok and Instagram. 1 This is an unaudited non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section in the Great-West Lifeco 2024 Annual Management Discussion and Analysis (MD&A) for additional details. Please visit Financial reports - Great-West Lifeco Inc. ( 2 As of or for the year ended December 31, 2024. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EAIC), marketed under the Empower brand. Assets under Administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company. 3 Base return on equity is calculated using the trailing four quarters of applicable earnings and common shareholders' equity. 4 Pensions & Investments 2023 Defined Contribution Survey. Ranking measured by total number of participants as of September 2023. Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. "EMPOWER" and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America. ©2025 Empower Annuity Insurance Company of America. All rights reserved. RO-4222044-0225 View source version on Contacts Media contacts: Stephen Gawlik - Mandy Cassano – Sign in to access your portfolio
