Empower snags fifth acquisition–Prudential’s record-keeping business– but is still no match for industry leader Fidelity, which is outpacing it on organic growth alone

Empower’s $3.4 billion deal ups total assets to $1.4 trillion, a distant second to Fidelity’s $3.2 trillion in administered assets.

Robert Reynolds and Edmund F. Murphy III both left long careers at Fidelity Investments with an eye on recreating the magic of the Boston giant’s retirement business at deep-pocketed Great-West Lifeco of Canada. 

But despite a near decade-long spending spree that saw the merger in 2014 of Great-West Financial, JPMorgan Chase, and Putnam Investments into a single record-keeping subsidiary–Empower Retirement– their chief rival has proved to be an elusive target. See: Bob Reynolds strikes again in his 401(k) quest — this time buying JPMorgan’s retirement recordkeeping business

Robert Reynolds, a former 24-year Fidelity veteran, now heads Putnam Investments. 

Empower this week announced its fifth acquisition in a little over a year, a $3.55 billion deal for Prudential’s record-keeping business that will add more…

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