MassMutual is considering selling its retirement plan business, according to a news report Friday by Reuters.
The Massachusetts-based financial services company administers about $175 billion in retirement plan assets, according to the report. MassMutual “no longer considers the capital-intensive servicing of retirement plans core to its business,” the Reuters report noted, citing unnamed sources.
The sources cited by Reuters pegged a possible sale price of about $2 billion.
The explored sale comes less than two years after MassMutual offloaded its OppenheimerFunds investment management business, which it sold to Invesco for $5.7 billion.