Great-West Lifeco Inc., a subsidiary of Power Financial Corporation, will acquire Putnam Investments from Marsh & McLennan Companies for $3.9 billion, based on a definitive agreement. Putnam’s headquarters will remain in Boston and the company’s brand, operations, personnel and offices will be retained. Its senior team, including the investment and business professions, will continue under the management of Charles E. Haldeman, Jr., Putnam’s president and CEO.
“With Power Financial, we become part of a long-established and successful organization that is deeply committed to investment management and financial services,” says Haldeman. “Putnam was fortunate to have a number of interested purchasers. We are joining the Power Financial group because it is in the best long-term interests of our investors, clients, financial advisors, strategic partners, and employees. This new relationship provides for the greatest degree of continuity, enabling us to continue our mission of taking care of other people’s money by providing consistent, dependable, and superior investment performance over time.”
“The fundamental strength of the Putnam franchise is evident in the quality of its people and its improving investment performance and asset flows,” says R. Jeffrey Orr, president and CEO of Power Financial Corporation. “Putnam’s leadership team will continue to manage Putnam as a separate business, as is the practice with other companies in our group. We place a high value on retaining Putnam professionals and staff to assure the ongoing stability of the organization and the confidence of its clients and consultants. We greatly value the continuing relationship with, and oversight by, the Trustees of The Putnam Funds. We are also mindful of Putnam’s role in the greater community.”
“This transaction gives us a strong presence in the growing US retail and institutional investment management markets and substantially strengthens our competitive position in international markets including Europe and Japan,” says Raymond L. McFeetors, president and CEO of Great-West Lifeco Inc. “It complements our strong and growing presence in the US retirement savings market.”