GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--#401k--Empower Retirement today announced the completion of its acquisition of Personal Capital, following the receip With Empower, we are joining forces with a philosophically aligned partner to accelerate our original vision and mission.” After the close of the transaction, Personal Capital will be branded as “Personal Capital, an Empower Company” and will continue to provide its financial tools and investment solutions to its clients. You may lose money. Empower Retirement ("Empower"), the nation’s second-largest retirement services provider, 1 and Personal Capital, a digital-first registered investment adviser and wealth manager with award-winning financial tools, today announced that they have entered into a definitive agreement for Empower to acquire Personal Capital. Great-West Lifeco subsidiary Empower Retirement is acquiring San Francisco-based Personal Capital for an upfront consideration of $825 million, and deferred consideration of up to $175 million subject to achievement of target growth objectives. Founded in 2009, Personal Capital is a hybrid wealth manager that combines … Personal Capital plans to undergo a business combination with Empower Retirement, the second largest retirement plan provider in the U.S. A joint team from both enterprises will work together to integrate the Personal Capital and Empower offerings. Provider of online wealth management services designed to cater to the needs of the financial industry. Empower Retirement (“Empower”), the nation’s second-largest retirement services provider, 1 and Personal Capital, a digital-first registered investment adviser and wealth manager with award-winning financial tools, today announced that they have entered into a definitive agreement for Empower to acquire Personal Capital.. Empower Retirement today announced the completion of its acquisition of Personal Capital, following the receipt of regulatory approval required by the agreement and as announced on June 29, 2020.. Personal Capital leaned on its brand and high rate of growth to land its coveted $1bn valuation from Empower Retirement, industry watchers said. About Empower Retirement Manage your assets and investments, get objective advice and strategies, all at PersonalCapital.com. It will also pay up to $175m for planned growth. Empower Retirement plans to integrate the technology and advice tools of Personal Capital to become an end-to-end advice provider. For additional details on the transaction, please refer to the news release dated June 29, 2020. Personal Capital, the San Francisco fintech that lets people invest in automated portfolios of stocks and bonds, is being bought by Empower … Past performance is not indicative of future returns. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support This is a significant milestone for the future of our business, for all those who use our award-winning financial tools, for our clients, and for our employees. Personal Capital has some 2.5 million clients with about $12 billion in assets, while Empower works with 40,000 retirement plans, as well as some $13 … PCC is a wholly owned subsidiary of Empower Holdings, LLC. Empower Retirement’s purchase of digital advice firm Personal Capital stands to bring the 401(k) provider fully into the financial wellness business, which could help it retain rollover assets. Upon closing, Personal Capital will adopt the brand “Personal Capital, an Empower Company”. This press release features multimedia. Recognizing that Empower’s and Personal Capital’s respective businesses are at different stages of development and maturity, Great-West Lifeco intends to report on the progress of Empower and Personal Capital in a manner that will allow investors to track separately the progress of Empower’s existing DC and retail businesses, and Personal Capital’s direct-to-consumer retail business. “Empower and Personal Capital are joining forces to take the next step forward in the evolution of an integrated platform to deliver personalized advice, financial wellness and comprehensive financial planning to millions of individual investors and retirement plan participants,” said Edmund F. Murphy III, President and Chief Executive Officer of Empower. Personal Capital. Empower Retirement, the nation’s second-biggest retirement plan record keeper (Fidelity is No. "We are delighted to consummate our combination with Empower … The consideration includes an upfront sum of USD 825.00 million and USD 175.00 million which will be used for the buyer’s planned growth. Empower Retirement ("Empower"), the nation’s second-largest retirement services provider, 1 and Personal Capital, a digital-first registered investment adviser and wealth manager with award-winning financial tools, today announced that they have entered into a definitive agreement for Empower to acquire Personal Capital. Empower Retirement said it is buying the personal-wealth management company Personal Capital Corp. for as much as $1 billion, in a move to expand Empower’s financial-planning tools to individuals. Featured individuals are actors or paid spokespeople and not clients of PCAC. Personal Capital, an Empower Company and industry-leading digital wealth management company saw the news and today announced a partnership with … Personal Capital CEO Jay Shah will serve as President of Personal Capital, reporting to Empower CEO Edmund F. Murphy III, and will be a member of its executive team.A joint team from both enterprises will work together to integrate the Personal Capital and Empower offerings.. Empower Retirement has signed off on a deal to purchase US-based investment manager and wealth manager Personal Capital for USD 1.00 billion. Empower will pay $825m upon deal completion that is anticipated in the second half of this year. “Empower and Personal Capital are joining forces to take the next step forward in the evolution of an integrated platform to deliver personalized advice, financial wellness and comprehensive financial planning to millions of individual investors and retirement plan participants,” said Edmund F. Murphy III, President and Chief Executive Officer of Empower. Empower Retirement agreed to buy digital wealth management company Personal Capital, Empower said Monday. Perhaps the most notable of these was the announcement that Intuit would be buying Credit Karma for the price of $7.1 billion. For Personal Capital, Empower provides easy access to 10 million potential clients. Empower Retirement to acquire money management company Personal Capital . Empower Retirement will buy digital advice company Personal Capital in a deal that could provide a pipeline of clients to Personal Capital from the retirement plans serviced by Empower. Empower’s purchase of Personal Capital also continues a string of FinTech acquisitions seen so far this year. Empower is the nation’s second-largest retirement services provider, 1 and Personal Capital is a digital-first registered investment adviser and wealth manager. 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