GREENWOOD VILLAGE, Colorado, August 18, 2020 – 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.

Upon completion of the acquisition, Personal Capital became a wholly owned subsidiary of Empower, which is acquiring Personal Capital for up to $1 billion in enterprise value, composed of $825 million on closing and up to $175 million for planned growth.

Empower is the nation’s second-largest retirement services provider,¹ and Personal Capital is a digital-first registered investment adviser and wealth manager.

“This is an exciting day for Empower as we progress toward 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. “I know we will deliver on our vision of transforming the financial lives of those we serve. I am thrilled about the opportunities for our associates and the new colleagues that we welcome to Empower.”

Personal Capital will be branded as “Personal Capital, an Empower Company” and will continue to provide its award-winning financial tools and investment solutions to its clients. 

Personal Capital CEO Jay Shah will serve as President of Personal Capital, reporting to Murphy 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.

“We are delighted to consummate our combination with Empower today. Our shared vision of holistic, personalized financial planning and solutions to effect better client outcomes only accelerates now that we’ve joined forces,” said Shah.

Sullivan & Cromwell LLP served as legal counsel and Morgan Stanley & Co. LLC and Rockefeller Capital Management served as financial advisors to Empower. Willkie Farr & Gallagher LLP served as legal counsel and Moelis & Company LLC served as financial advisor to Personal Capital.

About Empower Retirement

Headquartered in metro Denver, Empower Retirement administers $680 billion in assets for more than 9.7 million retirement plan participants as of June 30, 2020.² It is the nation’s second-largest retirement plan recordkeeper by total participants.¹ Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, midsize and large corporate 401 (k) clients; non-profit 403 (b) entities; private-label recordkeeping clients; and IRA customers. For more information please visit empower-retirement.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.

About Personal Capital

Personal Capital is a remote-delivery, industry-leading digital wealth management company that helps people transform their financial lives through technology and advisory services. The company’s state-of-the-art tools and technology provide investors with a complete financial picture, utilized by millions of users and tens of thousands of clients. Its investment advisor representatives provide expert guidance and customized strategies, based on a personal understanding of an investor’s financial picture and goals. Personal Capital currently manages more than $13 billion in assets as of July 31, 2020, virtually delivered from offices across the U.S. For more information, please visit www.personalcapital.com or connect with us on Facebook, Twitter or LinkedIn.

Advisory services are offered for a fee by Personal Capital Advisors Corporation, a wholly owned subsidiary of Personal Capital Corporation. Personal Capital Advisors Corporation is a registered investment adviser with the Securities and Exchange Commission (“SEC”). SEC registration does not imply a certain level of skill or training. Investing involves risk. Past performance is not a guarantee or indicative of future returns. The value of your investment will fluctuate, and you may gain or lose money.

Media Contacts:

Empower Retirement:

Stephen Gawlik, Stephen.Gawlik@empower-retirement.com, 617-417-4408

Personal Capital:

Porter Gale, Porter.Gale@personalcapital.com, 415-877-7001